Tds

This query is : Resolved 

22 April 2014 Dear Sir,
194I is by Bifurcated in two i.e. 194a and 194b. please tell me 194a is applicable for what ant 194b is for what.

22 April 2014 194IA:-

https://www.charteredclub.com/tds-on-property/


https://blog.tdsman.com/tag/194ib/

Visit the above links

22 April 2014 I agree with above link but Sir my consultant told me that 194a is for TDS on purchase of immovable property, is this correct.

22 April 2014 A - Renting of Plant & Machinery
B - Other Renting

22 April 2014 And Anil plz note that TDS is not applicable on purchase. If ur Professional expert says that, either u misunderstood it or it may b a mistake of ur Professional

22 April 2014 may be your consultant is referring to 194-IA that is applicable to sale of property

23 April 2014 Dear Nikhil Sir
Please see the below link there is showing
194I(a) – Rent for Plant & Machinery – 2%
194I(b) – Rent for land, building & furniture – 10%
https://blog.tdsman.com/tag/194ib/
As per you 194-IA is for sale of property.

is there difference in 194-IA and 194I(a).
Please explain me i am confused between 194-IA and 194I(a)

23 April 2014 yes...absolutely. there are two different sections. difference is self-explnatory. 194-I(a) is for renting...194-IA is for sale..

23 April 2014 Ok... Thank you sir now am clear. then what is TDS rate for 194IA and is there any limit for deducting the TDS.

23 April 2014 rate is 1% if the consideration is more than Rs 50 lakhs. for sale of property below 50 lakhs, tds is not applicable.

23 April 2014 Thank you so much sir... Realy you help me lot....are you CA

23 April 2014 yes Anil. I am a CA...

23 April 2014 Thank you So much sir for your help.

30 January 2015 can any body tell me if i am filing Professional tax return for 2013-14 then what date should i mensioned in covered date and for how many months detail i should put in IIIB form


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