What is TDS code 1029 and 1030 — rent?

Key mapping

Code 1029 = rent of plant/machinery at 2%. Code 1030 = rent of land/building/furniture at 10%. Threshold: ₹2,40,000 per year for both.

Explanation

Under IT Act 2025 §393, the old Section 194I for rent is split into two codes. Code 1029 covers rent paid for plant, machinery, or equipment — rate 2%. Code 1030 covers rent for land, building, or furniture — rate 10%. The annual threshold for both is ₹2,40,000. If a single agreement covers both, apply the respective rates to each component. Old Section 194I applies to payments before 1 April 2026.

Related terms and sections

1029 1030 rent plant machinery land building 2 percent 10 percent 194I section 393 TDS

Use this in practice

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Related sections

IT Act 2025 Section Mapper →All IT Act changes →

All section references are sourced from the Income Tax Act 2025 (official gazette, incometaxindia.gov.in) and cross-referenced against CBDT's comparative statement. Always verify on the official portal before filing. This page is for reference only and does not constitute legal or tax advice.

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