Any person, not being an Individual or a Hindu Undivided Family, who is responsible for paying to a Resident in India, any income by way of rent, amounting in aggregate to more than Rs. 1,20,000 in a financial year.

PLEASE NOTE:

• Section 194I is applicable even where the contract is between an Individual or a HUF and a Contractor provided the total sales, gross receipts or turnover from the business or profession carried on by the such Individual or HUF exceeds Rs. 40,00,000/ 10,00,000 as the case may be being the limits specified for tax audit u/s 44AB.