Income tax department issues notices to taxpayers on rent of 50,000 or more per month.

The Income Tax Department has recently issued notices to taxpayers for non-deduction of TDS on rent of 50,000 or more per month. 

This move comes as a part of the government's efforts to curb tax evasion and increase tax collection. 

The notices have been sent to individuals who have not deducted TDS on rent payments made to their landlords, which is mandatory under the Income Tax Act. 

As per the Act, any individual or company making rent payments of 50,000 or more per month is required to deduct TDS at the rate of 5% and deposit it with the government. 

The department has also cautioned taxpayers to be diligent in their tax compliance and ensure that TDS is deducted and deposited on time. 

Failure to do so can lead to penalties and interest charges, as well as scrutiny of their overall tax returns. 

This move by the Income Tax Department is a step towards promoting tax compliance and discouraging tax evasion, ultimately contributing to the country's economy. 

It also highlights the government's focus on increasing tax revenue through effective implementation of tax laws. 

Taxpayers are advised to carefully review their rent payments and ensure timely deduction and payment of TDS to avoid any unnecessary legal repercussions.