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Insertion of new section 194-IB- Payment of rent by certain individuals or Hindu undivided family.

Clause 63 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 63 - Insertion of new section 194-IB. 63. After section 194-IA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2017, namely:- Payment o .....

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way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon. (2) The income-tax referred to in sub-section (1) shall be dedu .....

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cash or by issue of a cheque or draft or by any other mode, whichever is earlier. (3) The provisions of section 203A shall not apply to a person required to deduct tax in accordance with the provisions of this section. (4) In a case where the tax is .....

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this section, rent means any payment, by whatever name called, under any lease, sub-lease, tenancy or any other agreement or arrangement for the use of any land or building or both. . Clause 63 of the Bill seeks to insert a new section 194-IB of the .....

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194-I), responsible for paying to a resident any income by way of rent exceeding fifty thousand rupees for a month or part of a month during the previous year, shall deduct an amount equal to five per cent. of such income as income-tax thereon. It i .....

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