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TDS on Property 26QB ()

Dimpy (Accounts) (94 Points)

28 February 2023

Hello

Can we pay tds on property through income tax portal? If yes, can be done through over the counter payment in IT listed bank? Or it has to be only online? Please guide

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4 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160442 Points)
Replied 28 February 2023

1. Yes.

2. Both option available.

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MPR Sanjay Kumar (2985 Points)
Replied 28 February 2023

@ Honourable Dhirajlal Lal rambhia sir, Tax audit

Mrs neethu Kumari a business lady involving a mid business activities....

Turnover ( sales) RS.1 crore 50 lakh

total receipts from cash transactions RS 58000

total receipts from banking digital transactions RS 1 lakh

total payments through cash 40 thousand

total payments through online 25 thousand

Query:

1. Now neethu Kumari if she wants to opt sec44AD means presumptive taxation scheme she can opt??? because her turnover up to 2 crore...

suppose she want to show profit means which percentage have to show. % ??

2. here cash transaction and banking transaction have to separate % to show??? how much percentage

HONOURABLE sir, firstofall for tax Auidt what are the items I have to check for workings

please clearly explain me..

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160442 Points)
Replied 28 February 2023

1. Read sec. 44AB of IT act carefully...

2. As per subsec. 44AB(a), if the assessee doesn't opt for presumptive assessment tax audit will be applicable (limit ONE crore crossed)

3. If she opts for presumptive assessment then tax audit applies in case she declares less than 6% of transaction received through banking mode and less than 8% on cash transactions. [Sec, 44AD(4) & (5) in combination with Sec. 44AB(e)]

4. Yes. Cash transaction & bank transactions to be declared separately.

In the referred case minimum profit should be 58 thousand * 8% +++ 1 lakh * 6%, (i.e Rs.10,640/-) otherwise tax audit mandatory.

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