Clarifications on tds applicability under sec.194-ia

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I.V. Chandra Sekhar (Querist)

06 June 2013 The TDS implications under section 194IA in each of the below cases may please be clarified.

1. Agreement of sale is entered before 01-Jun-2013 for Rs. 60 lakhs and advance as a part consideration was paid for Rs. 20 lakhs before 01-Jun-2013 and balance consideration of Rs. 40 lakhs was paid in Jun-2013.

2. Agreement of sale is entered before 01-Jun-2013 for Rs. 60 lakhs and advance as a part consideration was paid for Rs. 5 lakhs before 01-Jun-2013 and balance consideration of Rs. 55 lakhs was paid in Jun-2013.

3. Agreement of sale is entered before 01-Jun-2013 for Rs. 60 lakhs and entire consideration was paid after 01-Jun-2013.

4. Agreement of sale is entered after 01-Jun-2013 for Rs. 60 lakhs and advance as a part consideration was paid for Rs. 50 lakhs before 01-Jun-2013 and balance consideration of Rs. 10 lakhs was paid in Jun-2013.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

06 June 2013 For issues covered under clauses 1,2 and 3, provisions of section 194IA does not apply since amount of Rs. 60 lacks is credited in vendor's account before 1/6/2013.

For the issue as in clause 4, again section does not attract since Rs. 50 lacks is paid to the vendor before 1/06/2013.

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