194ia
This query is : Open
CA MAYANK SHARMA
(Querist)
02 July 2015
Dear Sir, As per sec 194IA if the total consideration for any immovable property exceeds 50lakhs then TDS @ 1% needs to be deducted. My query is if say total consideration is 65 lakhs including service tax and service tax is of 5 lakhs then TDS u/s 194IA needs to be deducted on 65 or 60 lakhs???
CA R SEETHARAMAN
(Expert)
02 July 2015
TDS needs to be deducted on total consideration including service tax i.e. on 65 lacs.
CA MAYANK SHARMA
(Querist)
02 July 2015
But sir as per notification from the department service tax has to be excluded while calculating TDS ?
CA Aman Gupta
(Expert)
02 July 2015
CBDT has clarified vide Circular no. 1/2014 clarified that no tax shall be deductible on service tax component comprised in the sums payable to resident, if service tax is indicated separately.
CA MAYANK SHARMA
(Querist)
02 July 2015
Dear Seetharaman sir, do you want to say anything?
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