Income Tax Department has been decided that e-payment is mendatory for TDS on Immobale Property w.e.f. 01.06.2013. It is mentioned that the transfer by a resident of immovable property (other than agricultural land) where consideration exceeds Rs 50 lakhs would attract TDS @ 1% u/s 194 IA. In this regard the Income Tax Department hass been issued a notification to issue TDS Certificate i.e. Form-16B for TDS Deduction u/s. 194-IA. The person is required to deduct tax and would not be required to obtain a Tax Deduction Account Number.(read complete details about tds on immovable property) The Central Board of Direct Taxes (CBDT) has come out with an online form for making TDS payment on property transactions. This form requires mandatory quoting of PAN which is verified with the IT Department's website. It also asks for address of the transferor and transferee along with the address of the property transaction.
For the above transactions following details are compulsory.
For the above transactions following details are compulsory.
- PAN details of the Transferee
- PAN details of transferor
- Complete address details of Transferee
- Complete address details of transferor
- Address of property involved in transaction
- Amount payable
- Tax 1 % amount deductible /deducted
Why TDS on Immovable Property? (Read Complete Details)
