Clarifications on tds applicability under sec.194-ia

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I.V. Chandra Sekhar (Querist)
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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)
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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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