The provisions of rule 30, rule 31 and rule 31A of the Income-tax Rules, 1962 were amended and Form No.16B & Form No.26QB were inserted in the Income-tax Rules, 1962 vide Notification No.S.O.1404 (E) dated 31st May, 2013 to simplify the procedure relating to deposit of tax and furnishing of information relating to tax deducted at source (TDS) on payment made for transfer of certain immovable property other than rural agricultural land. Form No.24Q (Quarterly statement for deduction of tax from salary payment) was also revised to incorporate columns relating to surcharge.
Highlights of the new rules are as follows:
- TDS deducted under section 194IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made. The rules is same as applicable in tds deducted under other sections.(read TDS rate chart for all sections)
- TDS under section 194IA is to be deposited on challan cum statement on FORM 26QB.
- TDS is to be deposited only through E payment mode only. So online payment u/s 194IA is mandatory, Online e-payment form is available on TIN-NSDL website.
- TDS certificated must be issued to deductee on form 16B within 15 days from due date of deposit as explained in Sr number 1.
- TDS certificate must be downloaded from online TDSCPC website.
Simplification of Procedure for deposit of tax and furnishing of
information relating to Tax Deducted at Source (TDS) under section
194-IA (Payment on transfer of certain immovable property other than rural agricultural land) and revision of Form No.24Q.
