TDS payment on property and how to obtain form 16B and 26QB With the advent of new section 194(IA), TDS @ 1% is attracted on the purchase of property having value Rs.50 lakh or above which is to be deducted from the purchase price by the buyer. There are two ways of making payments of […]
Section 194-IA: TDS on Purchase of Immovable Property in India Transaction of Purchase of immovable property comes under the purview of TDS and attracts TDS @ 1%, if value of property exceeds Rs.50 lakhs, which should be deducted either at the time of payment or credit, whichever is earlier. Similar to other TDS provisions, if […]
Screenshot of each steps of how to deposit or pay TDS on Sale or Transfer of Immovable Property under section 194-IA, introduced by Finance Act, 2o13.
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 […]
Tax Deduction at Source (TDS) on transfer of immovable properties other than agricultural land for consideration exceeding Rs.50 Lakh Finance Act, 2013 brought a new section 194-IA under TDS provisions to levy tax at the rate of 1% on the transfer of an immovable property other than Agricultural Land by any Indian Resident where the sale […]
Key Points in Notice of Amendments to The Finance Bill, 2013 1. Trading in commodity derivatives not to be considered as a speculative transaction The Commodities transaction tax is proposed to be introduced in a limited way by insertion of Chapter VII in the Finance Bill, 2013. The Finance Minister, in his budget speech, had clarified that […]
1. Section 80EE: Additional Deduction of Interest on Home Loan Crux of Section: Deduction of Interest payable on loan taken from financial institution for 1st residential house property is available. Applicability: Only Individual Amount of Deduction: Interest payable or 1 lakh whichever is less Conditions: (i) the loan has been sanctioned by the financial institution […]