TDS on Rent Payment u/s 194I: Limit Increased from Rs. 1,80,000 to 2,40,000 (Budget 2019)

While presenting the Budget 2019 for FY 2019-20, Finance Minister Sh Piyush Goyal has proposed to increase the threshold limit from Rs. 1,80,000 to 2,40,000 for TDS on Payment of Rent u/s 194I, i.e. TDS threshold for deduction of tax on rent is proposed to be increased from Rs. 1.8 Lacs to Rs. 2.4 lacs for providing relief to small taxpayers.

In section 194-I of the Income-tax Act, in the first proviso, for the words “one hundred and eighty thousand rupees”, the words “two hundred and forty thousand rupees” shall be substituted.

Full Tax Rebate for Individuals having Income upto Rs. 5 lac (Budget 2019)

Standard Deduction increased from Rs. 40,000 to Rs. 50,000 (Budget 2019)

Section 54 Tax Benefit proposed to be Extended to Purchase/ Construction of 2 Houses

Second Self-occupied House Property proposed to be Exempted from Deemed Rental Income

TDS on Interest u/s 194A: Limit Increased from Rs. 10,000 to 40,000 (Budget 2019)

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