Under the Income Tax Act, the 'TDS' on payment of rent for land, building, or furniture exceeding ₹2,40,000 per annum is governed by which section, and what is the rate?
Explanation:
Section 194I(b) mandates TDS at 10% on rent paid for the use of land, building, or furniture, provided the rent exceeds ₹2,40,000 in a financial year.
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
Explanation:
Section 194IA mandates TDS at 1% on the transfer of immovable property (other than agricultural land) if the consideration exceeds ₹50,00,000.
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