Legal Provision, Analysis and Applicability of Section 194IA of Income Tax Act, 1961
Legal Provision of Section 194IA of Income Tax Act, 1961
♠ Any person, being a transferee, responsible for paying (other than the person referred to insection 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as income-tax thereon.
♠ No deduction under sub-section (1) of Section 194IA shall be made where the consideration for the transfer of an immovable property is less than fifty lakh rupees.
Analysis of Section 194IA of Income Tax Act, 1961
Also attached herewith Challan 281, Form 26QB and Form 16B format for your ready reference.
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