Applicability of sec 194ia

Originally posted by : Thomas
	Hi, Can any one help me whether sec 194IA as proposed by the Finance Act 2013 is assented by The Honorable President of India and is applicable wef 01 June 2013?

President of India has given assent to Finance Bill 2013 on 10.05.2013 and it includes insertion of new section 194-IA. This provision will be applicable in respect of transactions effected on or after 01.06.2013.
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Lok Sabha passed the Finance Bill, 2013 on 30.04.2013 and it provided an exemption to the transferee from obtaining a TAN, which is otherwise a mandatory requirement for deduction of tax at source.

But what is the exact procedure for payment of TDS by the deductor in case of sec. 194-IA?

Originally posted by : Pawan Mittal
	But what is the exact procedure for payment of TDS by the deductor in case of sec. 194-IA?

Refer Notification No. 39/2013, dated 31-5-2013

CBDT has introduced a challan-cum-statement in Form No. 26QB and new TDS certificate in Form No. 16B.

What if Rs. 60,00,00 already paid out of Rs. 1,00,00,000(total consideration) before 1.06.2013, and the balance (Rs 40Lakhs) to be paid after 1.6.2013?