Section 194IA

TDS on Purchase of Properties | Section 194IA ,271C, 273B

Income Tax - This article can be useful to those persons who purchased the properties and failed to deduct TDS u/s 194IA taking benefit of section 273B of the Act if show cause notice under Section 271C of the Income Tax Act, 1961 is issued and they failed to deduct TDS innocently and revenue is safe in the […]...

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Tax on Purchase of Property-Some Points to Keep in Mind while Buying Property

Income Tax - Buying property is dream come true for buyers. Every person wants to earn and purchase property which he or she can own in his or his family members and loved one name. Buyers invests his hard-earned money in buying property and many a times land up in difficult situation because everyone knows that tax is […]...

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Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail

Income Tax - SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property  [AY 2021-22]  Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovab...

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Section 194IA TDS on Purchase of Immovable Property

Income Tax - Preamble and Rational behind inserting Section 194-IA: Under section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, prior to 01-06-2013 there being no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition...

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Detailed Analysis of TDS under Section 194-IA

Income Tax - Section 194-IA is very familiar but tricky section to implement in real life. Though it is effected from year 2013, so many people are still unaware about many different things related to 194-IA and hence today I am writing this all inclusive article on Section 194-IA which will include everything from basic section, its compliance, [&hel...

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Reasons for Zero Credit in Form 16B TDS Certificate on Sale of Immovable property

Income Tax - It has been observed that deductors are wrongly entering the tax amount deducted on sale of property in 'interest' or 'others' or 'fee' column while making the e-payment. Accordingly, zero TDS credit will appear in Form 16B....

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No TDS on refundable Security Deposits given to Landowners

Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore) - Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore)  Now the issue before us is with regard to whether the amount paid by the assessee towards interest free security deposit to various land owners whether it constitutes as “Consideration” in terms of Transfer of Immovable Property. In the pre...

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NCLAT directs IT Dept to Refund TDS collected under Section 194IA

Om Prakash Agrawal Liquidator-S.Kumars Nationwide Ltd. Vs CCIT (TDS) - Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act....

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No penalty for deduction of TDS at Lower Rate under wrong section

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) - Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) ITAT Indore held that no penalty under Section 271C to be levied for deduction of tax under Section 194IA @1% instead of Section 195 @ 20.6% on purchase of property from Non Resident. FULL TEXT OF THE ITAT JUDGEMENT The above captioned appeals fi...

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Section 194IA TDS not applies merely because seller and Khasra number was same for multiple transactions

Shiv Shakti Builders & Developers Vs ITO (TDS) (ITAT Delhi) - Assessee in instant case had purchased three properties on three different dates. This indicated that assessee had purchased the land on piece meal basis. Since value mentioned in each sale deed was less than Rs. 50 lakhs, therefore, section 194-IA would not be applicable to assessee merely because ...

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No TDS on Sale of Property if Sale consideration of each Co-owners not exceeds Rs. 50 Lakhs

M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur) - M/s. Oxcia Enterprises Private Limited Vs DCIT (ITAT Jodhapur) Even though the admitted position is that the assessee buyer/transferee has not deducted tax in the hands of the Joint Owners of the property, still we note that sub-section(2) of sec. 194-IA of the Act provides an exception from deducti...

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CBDT notifies Form no. 26QC for payment of TDS on rent u/s 194IB and Form No.16C for TDS Certificate

Notification No. 48/2017-Income Tax [G.S.R. 561(E)] - (08/06/2017) - Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form No.16C to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QC under rule 31A after generating and downloading th...

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CBDT notifies changes in Rules related to Refund of TDS

Notification No. 45/2017 [G.S.R. 554(E)] - (05/06/2017) - CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B electronically under digital signature or verified through an electronic process....

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Due date of filing statement for TDS on Sale of Property extended

Notification No. 39/2016-Income Tax - (31/05/2016) - Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 194-IA has been extended to 30 days from 7 days CBDT has vide Notification No. 39/2016 dated: 31/05/2016 has extended Due date of filing statement for deduction of tax at source (TDS) on Sale of Property u/s 19...

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Revision in TDS due date & Supporting for claim of Deduction from Salary

Notification No. 30/2016-Income Tax - (29/04/2016) - 26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the person responsible for making payment under sub-section (1) of section 192, the evidence or the particulars of the claims referred to in sub-rule (2), in Form No.12BB for ...

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CPC-TDS enables online correction in form 26QB

F.No. DIT(S)-2/Form 26QB/100/2015 - (22/03/2016) - Section 194IA of the IT Act relates to TDS on Sale of property. Form 26QB is an online statement-cum-challan to be filled and submitted by the buyer of the property for making TDS payment on sale of property. It contains details of buyer, seller, property being sold, sale consideration, tax deposit ...

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Recent Posts in "Section 194IA"

TDS on Purchase of Properties | Section 194IA ,271C, 273B

This article can be useful to those persons who purchased the properties and failed to deduct TDS u/s 194IA taking benefit of section 273B of the Act if show cause notice under Section 271C of the Income Tax Act, 1961 is issued and they failed to deduct TDS innocently and revenue is safe in the […]...

Read More
Posted Under: Income Tax |

Tax on Purchase of Property-Some Points to Keep in Mind while Buying Property

Buying property is dream come true for buyers. Every person wants to earn and purchase property which he or she can own in his or his family members and loved one name. Buyers invests his hard-earned money in buying property and many a times land up in difficult situation because everyone knows that tax is […]...

Read More
Posted Under: Income Tax |

No TDS on refundable Security Deposits given to Landowners

Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore)

Prestige Estates Projects Ltd Vs ACIT (ITAT Banglore)  Now the issue before us is with regard to whether the amount paid by the assessee towards interest free security deposit to various land owners whether it constitutes as “Consideration” in terms of Transfer of Immovable Property. In the present case, as per JDA cum General Power ...

Read More

NCLAT directs IT Dept to Refund TDS collected under Section 194IA

Om Prakash Agrawal Liquidator-S.Kumars Nationwide Ltd. Vs CCIT (TDS)

Liquidator of a Company in liquidation under the Code is not required to file Income Tax Return, then there is no question of claiming refund of TDS deducted under Section 194 IA of the IT Act....

Read More
Posted Under: Income Tax | |

Section 194IA, 194IB & 194LA of Income Tax Act, 1961 In detail

SECTION 194IA: Deduction of tax at source from payment on transfer of certain immovable property  [AY 2021-22]  Provisions of Section 194-IA: (1) Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovab...

Read More
Posted Under: Income Tax |

Section 194IA TDS on Purchase of Immovable Property

Preamble and Rational behind inserting Section 194-IA: Under section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, prior to 01-06-2013 there being no such requirement on transfer of immovable property by a resident except in the case of compulsory acquisition...

Read More
Posted Under: Income Tax |

Detailed Analysis of TDS under Section 194-IA

Section 194-IA is very familiar but tricky section to implement in real life. Though it is effected from year 2013, so many people are still unaware about many different things related to 194-IA and hence today I am writing this all inclusive article on Section 194-IA which will include everything from basic section, its compliance, [&hel...

Read More
Posted Under: Income Tax |

TDS on Sale of Immovable Property – Section 194IA

As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs. 50,00,000 (Rupees Fifty Lakhs). Section-194IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or (  0.75% […]...

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Posted Under: Income Tax |

No penalty for deduction of TDS at Lower Rate under wrong section

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore)

Jitendra Sharma Vs JCIT (Intl Taxation) (ITAT Indore) ITAT Indore held that no penalty under Section 271C to be levied for deduction of tax under Section 194IA @1% instead of Section 195 @ 20.6% on purchase of property from Non Resident. FULL TEXT OF THE ITAT JUDGEMENT The above captioned appeals filed at the instances […]...

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The Nightmare Called Section 194-IA

Most of the people who were happy and proud with their achievement of buying their own house in the recent past are now sleepless, thanks to the provision, called Section 194-IA of the Income Tax Act 1961....

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Posted Under: Income Tax | ,

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