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IT / TDS

Tax Guide

RENAMED

What is TDS code 1031 — rent by individual or HUF?

Key mapping

Code 1031 applies when an individual or HUF (not liable to audit) pays rent. Rate: 2%. Threshold: ₹50,000 per month.

Explanation

Under IT Act 2025 §393, Code 1031 replaces Section 194IB. It applies specifically to individuals and HUFs who are not required to get their accounts audited under Section 403 (old 44AB) but pay rent exceeding ₹50,000 per month. Rate is 2%. This is a monthly threshold, unlike most other TDS provisions which are annual. TDS is deducted at the time of payment or credit, whichever is earlier.

Related terms and sections

1031rent individualHUF rent194IB2 percent50000 per monthsection 393TDS

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.