27Q Confirmation Notice from IT Department

A notice under Section 133(6) of the IT Act can be concerning! Understanding the Notice The notice refers to confirmation of 27Q, which is related to the Tax Deduction at Source (TDS) on immovable property transactions. Section 194-IA As per Section 194-IA, TDS is applicable on transactions involving the purchase of immovable property. The buyer is required to deduct TDS at the rate of 1% of the transaction value. Form 27Q Form 27Q is the quarterly statement of TDS deducted on immovable property transactions. The buyer is required to furnish this form to the Income Tax Department. Response and Confirmation The notice is likely referring to the response and confirmation required for the TDS transaction: 1. _Buyer's Confirmation_: As the buyer, you may need to confirm the TDS deduction and payment details. 2. _Seller's Response_: The seller may need to respond to the notice, providing details about the transaction and TDS. Where to Provide Confirmation To provide confirmation and respond to the notice:

1. _Income Tax Department's Portal_: You can log in to the Income Tax Department's portal (incometaxindiaefiling.gov.in) and navigate to the TDS section.

 2. _TDS Statement Filing_: You may need to file a revised TDS statement (Form 27Q) to provide the required confirmation and details. Recommendations To ensure compliance and avoid further notices:

 1. _Verify the Notice Details_: Double-check the notice details, including the transaction value, TDS amount, and due date.

 2. _Consult a Tax Professional_: If you're unsure about the response or confirmation required, consider consulting a tax professional or chartered accountant.

 3. _Respond Promptly_: Respond to the notice within the specified time frame to avoid any penalties or consequences. Please let me know if you have any further questions or concerns!

Dear Sidharth,

Was your seller an NRI?

Yes. Seller was NRI. 

What are the steps do you think has been missed ?

Dear Siddharth, Kindly login to your income tax account. On the top menu, pending actions >> E-proceedings.

You can see the detailed reason for which this notice has been issued. 

Section 133(6) grants power to IT department to ask for additional information for the data they already possess.

Nothing to panic, just go through the e-proceedings and find out the reason.

If you need further help, you can DM.