7/28/2019 TDS on Immovable Property_2013
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VMVSR 09390221100
1 [email protected] http://vmvsraoco.icai.org.in/
NOTE ON
TDS ON IMMOVABLE PROPERTY
(NEW RULES & FORMS NOTIFIED)
As per Section 194IA every buyer at the time of makingpayment or crediting of any sum as consideration fortransfer of immovable property other than agricultural landshall deduct tax at source @ 1% of such amount where the
total consideration for the transfer of the immovableproperty is Rs.50 lakhs or more.
This provision has come into force from 1st June,2013 andaccordingly all transactions on or after 1st June,2013, wherethe consideration is not less than Rs.50 lakhs shall becovered by TDS.
TDS deducted under section 194IA shall be paid to the creditof the Central Government within a period of 7 days fromthe end of the month in which the deduction is made.
TDS under section 194IA is to be deposited on Chllan CumStatement on Form 26QB.
Online Payment of TDS is mandatory. Online paymentchallan is available in TIN NSDL Website.
TDS certificate must be issued to deductee (buyer) in Form16B within 15 days from due date of deposit.
TDS Certificate must be downloaded from online TDSCPCwebsite.
7/28/2019 TDS on Immovable Property_2013
2/13
VMVSR 09390221100
2 [email protected] http://vmvsraoco.icai.org.in/
Both Transferee (Buyer) and Transferor (Seller) must havePAN.
Transferee (Buyer) need not required to hold/obtain TAN fore payment of TDS.
Quarterly Return in Form 24Q has been substituted with newreturn form.
Regards,
CA. V.M.V.S.RAO
Date: 04/06/2013
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