194 ia

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Sanjeev Agarwal (Querist)
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16 April 2016 An immovable property is purchased and payment is to be made in installments. First Installment is Paid in Sept 2012. Next Installment is paid in July 2013. Third installment is paid in March 2016. No tax was deducted for first two installments. Tax was deducted in March 16 installment for July 13 and March 16 installment . Tax so deducted was paid on 15th April 2016.

Does Tax needs to be deducted for each installment u/s 194 IA or at time of registry ?

Does Tax needs to be deducted even for first installment of Sept.2012 as the section comes into effect in June 13?

Interest u/s 201 is to be paid from date of deduction or date of payment of installment and at what rate ?

Late filing fees u/s 234E is to be paid from date of TDS payable to central Govt account i.e. 7th April 2016 or date of payment of installment?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 April 2016 TDS To be deducted deducted on Instalment from its applicability, TDS to be deducted 1% from each Installment same to be deposited within 7 days from the end of the Month. Interest 1.5%P.M from the deduction till payment.

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Sanjeev Agarwal

Sanjeev Agarwal (Querist)
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18 April 2016 Thanks Kaviraja but my query is not fully resolved

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