Form 26QC (Rent Payments)
*The price is exclusive of any amount payable to Government/Regulatory Authorities and GST.
This Service is for Filing of TDS Return for Rent Payments (Form 26QC)
Services covered :
- PAN Verification
- Preparation of Form 26QC (TDS Return)
- Registration on TRACES
- Generation of Form 16C
Documents Required :
- PAN of Tenant
- PAN of Owner
- Rent Agreement
What is Form 26QC?
Form 26QC is Return Cum Challan Statement to be filed by a person being an Individual or a HUF (not covered u/s 194-I)
in case of payment of rent to a resident person exceeding Rs 50,000 per month or a part thereof.
What is TDS rate on Payment of Rent?
TDS rate on payment of rent (u/s 194-IB) is 5%.
Do I need to obtain TAN for Filing this Form?
TAN is not required for filing Form 26QC.
When is TDS to be deducted?
TDS is to be deducted once in a financial year. It can be either deducted at the time of credit of the rent to the account of payee (landlord) for the last month of the financial year OR the last month of the tenancy if the property is vacated during the year. It can also be deducted at the time of payment, whichever is earlier. The TDS deducted should be paid within 30 days from the end of the month in which the tax was deducted. It shall be accompanied by a challan (cum) statement in Form 26QC.
How much is the interest for late payment of TDS?
If TDS is not deducted and paid interest will be 1% per month from the due date of deduction to Actual date of deduction.
if TDS is deducted but not paid interest will be 1.5% per month from the actual date of deduction to actual date of payment.
What if Form 26QC is filed late? Is there any late fee or penalty?
Fees for late filing of Form 26Q is Rs. 200 per day until the return is filed. This amount has to be paid for each day until total fine becomes equal to the TDS amount.
In addition to late fees payable, Assessing Officer (AO) may charge a penalty of minimum of Rs. 10,000 and up to Rs. 1,00,000 maximum.
What is Form 16C?
Form 16C is the TDS certificate to be issued by the deductor (Tenant of property) to the deductee (Landlord of property) in respect of the tax deducted and paid.
How will transactions of joint parties (more than one tenant/landlord) be filed in Form 26QC?
Online challan-cum-statement in Form 26QC is to be filed by each tenant for each unique tenant-landlord combination. E.g. in case of one tenant and two landlords, two forms have to be filed in and in case of two tenants and two landlords, four forms have to be filed for respective rent shares.
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