TDS DEDUCTED U/S 194IA ON ADVANCE FOR PURCHASE OF PROPERTY
This query is : Resolved
ISALAM FOR PEACE
(Querist)
11 January 2021
I HAVE RECEIVED AN ADVANCE OF Rs 500000 AGAINST SALE OF PROPERTY BUT NEITHER REGISTRY NOR POSSESSION HAS BEEN MADE/GIVEN. PURCHASER HAS DEDUCTED 1% TAX ON ADVANCE U/S 194IA FOR THE ADVANCE MADE. NOW WHILE FILING MY INCOME TAX RETURN. HOW SHOULD I DEAL WITH THE ADVANCE SINCE ITS NOT AN INCOME NOW.CAN I FORWARD THE CREDIT OF TAX TO NEXT YEAR..??
CA R SEETHARAMAN
(Expert)
11 January 2021
Yes forward the tax to next year in the TDS schedule of ITR.
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