Income Tax : The shift replaces multiple filings with a single consolidated form for buyers. The key takeaway is that compliance is now simpler...
Income Tax : Section 194-IA mandates 1% TDS on immovable property purchases from resident sellers if consideration or stamp duty value is ₹50...
Income Tax : Section 194IA of the Income Tax Act mandates buyers to deduct 1% TDS on property transfers exceeding ₹50 lakh. The 2025 amendmen...
Income Tax : Learn how to remove excess 20% TDS demand on property sales under Section 194-IA due to PAN-Aadhaar linking issues, using CBDT Cir...
Income Tax : As per section 194IA of income tax Act, if immovable property, other than agricultural land, is transferred tax (TDS) will be dedu...
Income Tax : From October 2024, TDS under section 194-IA will apply based on total consideration for property sales, not individual payments. U...
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 : The Tribunal held that deducting TDS only on part of the purchase price of immovable property was contrary to Section 194IA. TDS w...
Income Tax : The Tribunal upheld TDS liability where tax was deducted only on part of the property value. It ruled that TDS must be applied on ...
Income Tax : ITAT ruled that the amendment requiring aggregation of consideration under Section 194-IA applies only from October 2024. For earl...
Income Tax : The Tribunal held reopening valid as tangible material showed undisclosed capital gains. It ruled that execution of a registered s...
Income Tax : The Tribunal ruled that Section 148A(b) requires a minimum of seven days for the assessee to respond. Failure to grant this statut...
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...
Income Tax needs to be deducted at source by the purchaser on payment against purchase of an immovable property following the guideline as below: (Section 194 IA of the Income Tax Act, 1961) Q.1 Who is responsible to deduct? Ans. Any person, being a transferee/purchaser, who pays to a resident transferor for transfer of any […]
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 the seller and Khasra number of the three properties was same.
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 […]
Changes in TDS provision via Finance bill,2019 as passed by Lok Sabha and Interim Budget, 2019 1. Sec 194M (new section): TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF (Applicable w.e.f. 01/09/2019) Insertion of New Section after Sec 194LD: (1) Any person, being an individual or a Hindu undivided family […]
Prior to the introduction of section 194-IA, the transaction of immovable property was usually undervalued and under-reported. With a view to improve reporting of such transaction and to curb the black money transactions to some extent, section 194-IA of the Income Tax Act was inserted. Provisions of section 194-IA of the Income Tax Act, 1961 were made […]
Budget 2019: Changes in TDS provision- Related to 1. Section 194M : TDS on payment exceeding Rs 50 lakhs to Contractor or Professional by Individual/HUF, Section 194N: TDS on Cash Withdrawal exceeding Rs 1 crore from banks or cooperative bank or post office, Section 194DA: TDS on sum received under life insurance policy and Section […]
Section 194-IA of the Act relates to payment on transfer of certain immovable property other than agricultural land and provides for levy of TDS at the rate of one per cent. on the amount of consideration paid or credited for transfer of such property. The term ‘consideration for immovable property’ is presently not defined for […]
Brief analysis: 1. Section 194IA and section 194IC of the Income Tax Act, 1961 are attracted on real estate transactions. 2. In simple words, as per section 194IA, if agreement value is equal to or more than Rs. 50, 00,000/- then buyer of the property has to deduct the TDS @ 1% on the agreement […]
Before coming on the main article, let’s understand why there is a need of invoking such provisions of section 194-IA under income tax act, 1961. There is a great need and importance of invoking such provisions in income tax so as to curb the circulation and flow of black money in India. Many Real Estate […]
Article explains Important Information to Download Form 16C from TRACES Website, Brief Steps to Download Form 16C and Pictorial Guide to Download Form 16C. 1. Important Information to “Download Form 16C” Request for Downloading Form 16C (TDS on Rented Property ) can only be submitted when 26QC Statement Cum Challan is processed. “Form 16C” can […]
