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?
A. Section 194C at 2%
B. Section 194I at 2%
C. Section 194J at 10%
D. Section 194I at 10%
Answer: Option D
Solution (By JKSSB Mock Tests)
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.
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