The Tenant's Burden: Section 194-IB
- Who does this apply to? If you are a salaried individual or HUF and you pay rent exceeding ₹50,000 per month, the government mandates that YOU act as a tax collector. You must deduct 5% TDS from the rent and deposit it.
- When to deduct? Unlike corporate TDS which is deducted monthly, individual tenants only have to deduct TDS once a year. You deduct it from the rent for the last month of the financial year (March rent, paid in April) or the last month of tenancy if you vacate earlier.
- What if the landlord refuses? Landlords often resist this because they want to hide rental income. However, the law is clear: the penalty for not deducting TDS falls on the tenant, not the landlord. If you don't deduct it, you will face penalties of 1% per month.
- No PAN Penalty: If your landlord refuses to give you their PAN card, the law requires you to deduct TDS at a punitive rate of 20% instead of 5%. However, there is a cap: the total TDS deducted cannot exceed the rent of the final month.