TDS on Immovable Properties u/s 194-IA
Income Tax Department vide notification no 39/2013 dated 31st May 2013 has released the provisions and rules related to section 194-IA i.e. TDS on transfer of certain immovable properties other than agriculture land whose value or consideration exceeds Rs. 50 lacs, regarding mode of deduction, time of deposition and issuance of TDS certificates.
The amendment came into effect from 1st June 2013. The prescribed rules of section 194-IA are as under:
- Like every other TDS section, the amount deducted under section 194-IA shall be deposited with the Central Government within 7 days from the end of the month in which the amount was deducted. For example, if amount is deducted on 15th June, then amount shall be paid to the credit of Central Government by 7th July.
- TDS payment made u/s 194-IA is to be necessarily accompanied by a challan-cum-statement in Form No.26QB.
- The amount shall be deposited electronically within the time specified above with the RBI or the SBI or any other authorized bank.
- Deductor is liable to furnish the certificate of the tax deducted at source in Form No. 16B to the deductee within 15 days from the due date of furnishing Form No. 26QB.
- TDS deductor shall provide a certificated under Form 16B which is to be generated online from the web portal.
Forms to Download:
|1.||Form No. 16B||Download|
|2.||Form No. 26QB||Download|
|3.||Form No. 24Q||Download|
Notification No 39/2013 dated 31st May 2013 has been reproduced below for your reference:
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