WebSection 194IA is inserted by Finance act 2013 and is applicable from 01 st of June , 2013. A person who is purchasing any immovable property (other than agricultural land) from a … WebFeb 2, 2024 · Section 194-IA of the Income Tax Act, 1961 The person who is buying any immovable property has to deduct tax at the rate of 1% while making payment to the seller. TDS under section 194-IA is applicable only when making payment to residents. 2. What do you mean by immovable property for the purpose of TDS under section 194-IA?
TDS- Section 194IA Payment on transfer of immovable property - TaxG…
WebFeb 11, 2024 · The extant TDS provisions of section 194-IA can be circumvented by showing less than Rs.50 lakhs (say Rs.49 lakhs) in BBA/ATS/Sale deed and transacting the balance amount off the record in cash For example, in Example 1 above,TDS can be evaded under existing provisions by showing Rs.48 lakhs on paper and paying and receiving balance … WebApr 12, 2024 · Amount on which TDS will be deducted: Buyer has to deduct TDS at the rate of 1% on higher of Sale Consideration or Stamp duty Value. Let’s take an example for Understanding this Point: Upto 31/03/2024 TDS is required to be deducted @1% on 55 lacs. From 01/04/2024 TDS is required to be deducted @ 1% on 65 lacs. オルビット 解散
FAQs on Deduction of TDS by Transferee of Immovable Property
WebApr 11, 2024 · No.370142/06/2024-TPL dated 05th April, 2024. Department issued an Clarification regarding deduction of TDS under section 192 read with sub-section (IA) of … WebMar 30, 2024 · Section 194IA of Income Tax Act - TDS on Payment on Transfer of Immovable Property, requirement, rate & time etc. Learn how to download form 26QB … WebLogin on the TRACES Website as a taxpayer. Select option “Online Correction” under “26QB” tab to initiate correction request. Update the details which are required to be revised. Select the option to verify the request either through Netbanking/ Digital Signature/AO Approval. The form would be revised post verification. pascale bissonnier