CA Sandeep Kanoi
CBDT has Vide notification no. 30/2016 dated 29-04-2016 extended Due date for payment of TDS on transfer of immovable property u/s 194IA to 30 days from existing 7 days.
Section 194IA requires buyer of the Property to deduct 1% TDS while making payment to seller if consideration of the Property exceeds 50 Lakh Rupees. Such TDS was required to be paid within 7 days from the end of the month in which payment been made but now CBDT has extended such 7 day period to 30 days for all payments to be made on or after 01st June 2016.
Due date for Payment is been specified in Sub -Rule 2A of 30 of Income Tax Rules. Revised Sub -Rule 2A of 30 of Income Tax Rules wef 01.06.2016 is as follows :-
(2A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of
seven thirty days from the end of the month in which the deduction is made and shall be accompanied by a challan-cum-statement in Form No. 26QB.