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...
This blog post looks at the requirement of Section 194-IA of Income Tax Act, 1961 to deduct TDS on the sale of immovable property. Discover how and when to deduct TDS.
Understand the applicability of TDS on the sale of property. Learn about the rate, time & value on which TDS is deductible. Form 26QB, 16B & FAQs included.
Understand TDS implications on society redevelopment transactions. Explore FAQs and clarifications on TDS under Sections 194IA and 194IC, covering applicable amounts, deposit procedures, NRI considerations, and more. Stay informed to navigate TDS in society redevelopment agreements.
Understand TDS applicability in development agreements with insights into Sections 194IC and 194IA of the Income Tax Act. Explore the criteria, exceptions, and analysis for effective compliance.
Explore the updated Income Tax TDS Rate Chart for FY 2022-23 / AY 2023-24. Comprehensive guide covering TDS rates on various incomes as per the Income-tax Act. Stay informed to ensure accurate tax deductions.
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 […]
