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.