"In case the landlord (payee) does not have a Permanent Account Number (PAN), then the tax deduction shall not exceed the amount of rent payable for the last month of the previous year or the last month of the tenancy, as the case may be," said Poorva Prakash, Senior Director, Deloitte Haskins and Sells LLP.
He also indicated there is a possibility of income tax rate cut in the upcoming budget which is expected on February 1.
General Anti-Avoidance Rule (GAAR) was part of the 2012-13 Budget speech of the then Finance Minister Pranab Mukherjee to check tax evasion and avoidance.
Almost all respondents want the I-T exemption limit to be raised substantially while 58 per cent of the respondents were in favour of raising it to Rs 5 lakh.
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