Income Tax : Understand Section 194-IA on TDS for property purchases. Learn tax deduction, rates, conditions, and compliance under the Income T...
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 : 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 : ITAT Mumbai held that addition towards section 68 of the Income Tax Act deleted as assessee discharged initial onus by proving ide...
Income Tax : CBDT had issued instructions/notification for examining the specific cases regarding cash deposits during the demonetisation perio...
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 : 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...
Buyer is required to deduct TDS at the rate 1% if sale consideration is 50 lakhs or above but from 01/04/ 2022, TDS is required to be deducted if stamp duty value of property is also 50 lakhs or more.
nce the assessee has initially deposited TDS and furnished Statement in Form 26QB within time, but committed a technical error while depositing TDS resulting in non-grant of TDS to transferor, compelling it to again deposit TDS along-with interest for late deposit, then, in the interests of justice and considering the fact that no loss is caused to the Revenue, the assessee cannot be saddled with levy of late filing fee u/s 234E
Tax Deduction at Source on transfer of certain immovable properties (other than agricultural land) [Section 194-IA] Analysis of Section 194-IA20 1. Person liable to deduct TDS u/s 194-IA Any person (transferee), other than the person referred to in section 194LA, responsible for paying to a resident transferor any sum by way of consideration for transfer […]
In order to remove inconsistency, it is proposed to amend section 194-IA of the Act to provide that in case of transfer of an immovable property (other than agricultural land), TDS is to be deducted at the rate of one per cent. of such sum paid or credited to the resident or the stamp duty value of such property, whichever is higher.
Rationalization of provisions of section 206AB and 206CCA to widen and deepen tax-base In order to widen and deepen the tax-base and to nudge taxpayers to furnish their return of income, Finance Act, 2021 inserted sections 206AB and 206CCA in the Act. The said sections provide for special provision for deduction and collection of tax […]
Understand the TDS/TCS exemption on the transfer of capital assets/goods from Air India. Learn about the specific income tax notifications under the Income Tax Act, 1961.
Central Government hereby specifies that no TDS shall be deducted under section 194-IA of Income Tax Act on any payment made to the Air India Limited for transfer of immovable property to Air India Assets Holding Limited under a plan approved by the Central Government. Notification No. 106/2021-Income Tax | Dated: 10th September, 2021 MINISTRY […]
1) Preamble and Rational behind inserting Section 194-IA of Income Tax Act, 1961: 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 […]
Learn about CHALLAN Cum RETURNS under TDS provision: types, forms, and rates. Understand the process of deducting TDS on property transactions and payments to contractors and professionals.
Learn about TDS on purchase of properties under Section 194IA of the Income Tax Act. Understand the implications of failing to deduct TDS and the provisions of Section 273B.
