Income Tax : Understand when 1% TDS applies on purchase of immovable property under Section 194-IA. Learn the Rs. 50 lakh threshold, compliance...
Income Tax : Section 194-IA requires buyers of immovable property to deduct TDS at 1% when the sale consideration or stamp duty value is ₹50 ...
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 : 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, apart from the CBDT clarification, the seller had declared the capital gains and discharged taxes. Therefo...
Income Tax : he Tribunal held that accepted on-money receipts from earlier years could partly explain cash deposits made during the demonetisat...
Income Tax : Mumbai ITAT ruled that where a capital asset was acquired before 01.04.2001, the claim for adopting fair market value as on that d...
Income Tax : Mumbai ITAT held that income from house property can be assessed only in the hands of an owner or deemed owner under the Income-ta...
Income Tax : ITAT Delhi held that higher TDS under Section 206AA applied where the seller’s PAN was not linked with Aadhaar. However, the Tri...
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...
Any person responsible for paying any sum to a resident transferor by way of consideration for transfer of an immovable property (other than agricultural land in rural area) is liable to deduct tax at source u/s 194-IA.
Article compiles TDS Rate Chart For Financial Year 2020-21 and Assessment Year 2021-22 along with Due date of Payment of TDS and mode of Payment of TDS. Article explains Section under which TDS is deductible and TDS Rate Applicable. Article Covers Change in TDS Applicable from 01.04.2020 which was proposed by Union BUdget 2020 which […]
The benefits of obtaining a lower rate TDS certificate are enormous. It saves interest on monies that would otherwise get blocked, and also the mammoth hassle of obtaining refund at a later stage. However, there are very people who are availing this facility successfully. There is a plethora of theory on internet on this subject; however, every now & then I keep facing questions, from my friends in the fraternity as well as from clients, on the practical and procedural part for completing the task successfully. With that in mind, I am depicting a comprehensive picture.
In this article, we look at transactions that require TDS deduction and the TDS rates for AY 2020-21. In some transaction, the person making payment is required to deduct tax at source (TDS) while making payment.
This article discuss Provisions and Scope of Section 194-IA, Payments covered, Who is Payer/Payee, Conditions to be satisfied for applicability of section 194-IA, Time of deduction of tax, Rates of TDS, Effect of non-furnishing of PAN on rate of tax, Certificate/statement for tax deducted at source, Furnishing of statements by tax deductor to department, Some […]
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 […]
