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deduction and payment of tds u/s. 194 IA
sir. we have deducted the TDS and paid vide challan no.26QB, now the queation is whether do we have to file the TDS returns for the same. kindly advice.
Replies (7)
new section 194 IA has been inserted under Income-tax Act, 1961 with effect from June 1, 2013. This section requires deduction of tax at source @ 1% on sale of Immovable property, in case the transaction value is exceeding Rs. 50 lakhs or more. In this you only file challan 26 QB. nothing else to do after this.
sir. rs. 50 lakhs means, this validation is for per annum or irrespective of financial year if the property sale aggreement is exceeds of rs. 50. 00 lakhs, or how, kindly advice.
one property sales value is more than RS 50.00 lakh u have to deduct TDS @ 1% as per income tax law
sir. say for example of rs. 30 lakhs payment in one financial year and and rs.35.00 lakhs payment in subsequent financial year , for the total propery value of rs.65.00 lakhs.so, even in thie case also do we have to do tds. kindly advice.
yes you have to deduct RS. 65000.00
thank you so much sir.
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