Form 16C is a certificate issued by a tenant to the landlord of a property for the tax deducted at source (TDS) on rental income under Section 194IB of the Income Tax Act, 1961.
This section mandates individuals and Hindu Undivided Families (HUFs) who are not liable to have their accounts audited under Section 44AB to deduct TDS at the rate of 5% on the rental payments exceeding Rs. 50,000 per month.
Form 16C contains details such as the name and address of the landlord, the PAN of the landlord and the tenant, the amount of rent paid, the TDS amount deducted, and other relevant particulars related to the rental transaction. It serves as proof of TDS deduction by the tenant and is provided to the landlord as a reference for their income tax filing purposes.
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