Sec.194la
This query is : Resolved
Guest
Guest
(Querist)
23 July 2013
what is the applicability of this section
23 July 2013
amount paid to resident person otherthan agricultural land if amount rs. 50 lacs or excess then 1% tds will deducted by payer
Message likes :
1 times
23 July 2013
The Finance Bill 2013 has introduced a new section 194-IA providing for TDS @ 1% to be deducted by purchaser. In case valid PAN of seller is not available , tax deduction will be at higher rate of 20%.
This is applicable w.e.f June 01, 2013 for sale of immovable property ( other than agricultural land ) where consideration is Rs. 50 Lacs and above. The purchaser is exempt from the obligation to obtain TAN, which is otherwise mandatory for all deductors.
CBDT has issued Notification No. 39/2013 on 31st May 2013 amending rules to simplify procedure for complying with provisions of this new section.
Deposit of tax:
Any tax deducted under section 194-IA will be--
# Deposited within 7 days from the end of month in which tax was deducted
# Deposited by way of Challan-cums statement in Form 26QB.
TDS Certificate in respect deduction under section 194-IA will be issued by deductor in Form No 16B. Form 16B has to be issued within 15 days from the due date of depositing tax.
This is applicable w.e.f June 01, 2013 for sale of immovable property ( other than agricultural land ) where consideration is Rs. 50 Lacs and above. The purchaser is exempt from the obligation to obtain TAN, which is otherwise mandatory for all deductors.
CBDT has issued Notification No. 39/2013 on 31st May 2013 amending rules to simplify procedure for complying with provisions of this new section.
Deposit of tax:
Any tax deducted under section 194-IA will be--
# Deposited within 7 days from the end of month in which tax was deducted
# Deposited by way of Challan-cums statement in Form 26QB.
TDS Certificate in respect deduction under section 194-IA will be issued by deductor in Form No 16B. Form 16B has to be issued within 15 days from the due date of depositing tax.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Exiting partner in partnership firm in gst portal
- F & O PROFIT REPORTING FOR AY 2026-27
- TDS on property - Form 141 query
- Type of Capital Gain
- Gst on travel by air for business purposes
- Taxability of credit in canara bank ET & T section (NRO)
- Loss of interest in PF transfer from EPFO to Trust
- Applicability of Books of Account for Commission Income (Sections 194D & 194H)
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- Residential status of non resident
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
