Income Tax : Learn about TDS on property purchase under Section 194IA of the Income Tax Act, 1961. Get insights on requirements, payment proces...
Income Tax : Learn about Section 194 IA for TDS on property transfers: applicability, rates, responsibilities, exemptions, and penalties....
Income Tax : Understand TDS on immovable property transactions. Section 194-IA mandates TDS deduction at 1% for sale consideration exceeding Rs...
Income Tax : "Discover a step-by-step guide to file TDS on property sale with Form 26QB. From filling the form to downloading Form 16B, simplif...
Income Tax : Learn about TDS on the purchase of immovable property in India under Section 194IA. Understand the rules, rates, and consequences ...
Income Tax : It has been observed that deductors are wrongly entering the tax amount deducted on sale of property in 'interest' or 'others' or ...
Income Tax : ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for ...
Corporate Law : NCLT Ahmedabad held that the amount of TDS deducted under section 194-IA on assets sold during the process of liquidation should b...
Income Tax : ITAT Chennai's ruling in Smt. Nagappan Suganthi Vs ACIT. Non-consideration of evidence on deduction claim u/s 54B and capital gain...
Income Tax : ITAT Raipur resorted the matter back to AO to verify the actual status of payment of consideration by each co-owner vis-à-vis app...
Income Tax : ITAT Kolkata held that rejection of claim of long-term capital loss u/s 50B of the Income Tax Act unjustified as Form 3CEA filed d...
Income Tax : Central Government hereby specifies that no TDS shall be deducted under section 194-IA of Income Tax Act on any payment made to ...
Income Tax : Every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in ...
Income Tax : CBDT has vide notification No. 45/2017 notified that claim for refund of TDS paid can be furnished by the deductor in Form 26B ...
Income Tax : 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...
Income Tax : 26C. Furnishing of evidence of claims by employee for deduction of tax under section 192.- (1) The assessee shall furnish to the p...
Once the Payment is made now the dedcuctor is required to issue TDS certificate in form 16B to the seller of the Property. Now the question is how to prepare or from where deductor can get such certificate for the purpose of issue to the seller? Answer is deductor can download such certificate from Traces website and issue to the seller.
Any person purchasing immovable property ( other than rural agricultural land) of Rs. 50 lac or more is required to deduct tax @1% from the payment made to seller. This new rule (Section 194IA of the Income Tax Act) introduced in the budget this year, is applicable from June1, 2013.
1. Introduction:- As per Finance Act of 2013, TDS is required to be deducted on transfer of Immovable property, wherein the consideration of the property exceeds or is equal to Rs 50 lakhs. TDS is required to be deducted under section 194IA. For all such transactions w.e.f 1st June 2013, tax @ 1% is required […]
Nowadays delay in payment of TDS and in TDS return Filing makes an assessee liable to Late Payment Interest, Late Payment Penalty, Late Filing Fees, Late Filing Penalty and Further makes him liable to prosecution under the provision of the Income Tax Act, 1961.
Whenever there is a Sale of immovable property, it creates a fair amount of confusion particularly relating to TDS provisions. According to Income Tax Act, 1961, Section 194IA and 195 deals with TDS relating to Sale of Immovable Property. Let us examine the difference between the 2 sections.
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 the same from the web portal specified by the Principal Director General of Income-tax (Systems)or the Director General of Income-tax (Systems) or the person authorised by him.
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.
TDS Rates Chart for Financial Year 2017-18/ Assessment Year 2018-19 vide Finance Act 2017 i.e Budget 2017-18. We have updated the TDS rate chart considering the amendments made by Finance Act, 2017.
Continuation of Lower Withholding Tax Rate of 5% on Foreign Currency Borrowings- It is proposed to continue the withholding tax rate of 5% on interest on foreign currency borrowings before 1 July 2020.
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 194-IA […]
