CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
07 August 2013I have paid TDS on behalf of client for purchase of property @ 1% u/s 194IA. I have used challan 26QB for TDS payment. Please note that buyer has not TAN number. Now i have to issue TDS certificate to the seller. Can any of you explain the process.
Nayagam
(Chartered Accountant)
(134 Points)
Replied 08 August 2013
There is no need for having TAN . We are giving the particulars of buyer and seller in Form 26QB. You can take 16B from Traces.
VIDEO ON TDS ON SALE OF PROPERTY
https://www.youtube.com/watch?v=5tbRtasm1K4
Form 16B is to be downloaded from Traces but no facility has been added yet.Seller can view tax deduction details in his form 26AS.
Pradeep Kumar Saini
(CA Final - Student)
(104 Points)
Replied 10 August 2013
Is there any Procedure after payment of TDS on Property.....??????
Learn How to Download Form 16B tds certificate on sale of property From Traces
https://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html
Sagar
(engg)
(26 Points)
Replied 12 August 2013
| Originally posted by : CA RAJIV | ||
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Learn How to Download Form 16B tds certificate on sale of property From Traces https://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html |
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My question is :
1. Can I make the payment to IT through net banking?
2. How do I download the form 16B from https://www.tdscpc.gov.in/en/home.html
a. Do I have to register there as a new user?
b. When registering what do I as a Tax Payer or Tax Deductor?
Note : I am a buyer who needs to deducted 1% on the agreement value
https://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html
Above link says that I have to register as Tax Payer.But actually I have deducted tax then how can I be Tax Payer?
What do I have enter in option 1 / option 2 when I register as Tax Payer? Plz reply
Can I make the payment to IT through net banking?
YES PAY AT https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
How do I download the form 16B from https://www.tdscpc.gov.in/en/home.html a. Do I have to register there as a new user?
Yes if u have not registered earlier , u have to register.
b. When registering what do I as a Tax Payer or Tax Deductor?
TAN IS NOT RELATED TO TDS ON PROPERTY . AS PAN IS ENTERED WHILE FILING FORM FORM 26QB , TRANSACTION IS RECORDED IN PAN OF BUYER AND SELLER. ON TDS SITE https://www.tdscpc.gov.in
TAN IS REQUIRED TO REGISTER AS DEDUCTOR WHILE PAN IS REQUIRED TO REGISTER AS TAX PAYER.U HAVE TO REGSITER AS TAX PAYER AND SUBMIT DOWNLOAD REQUEST FOR FORM 16B AS SHOWN IN PICTURE GIVEN ON LINK https://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html
Above link says that I have to register as Tax Payer.But actually I have deducted tax then how can I be Tax Payer? What do I have enter in option 1 / option 2 when I register as Tax Payer? Plz reply
AS EXPLAINED EARLIER , TRANSACTION IS RECORDED IN YOUR PAN.AND U CAN REGISTER AS TAX PAYER ONLY.
IF U HAVE PAID TAX FROM A/Y 2008-2009 TO A/Y 2013-14 THROUGH CHALLAN , U FILL DETAILS IN OPTION 2 . IF YOUR TDS HAD BEEN DEDUCTED FROM 1 APR 2011 AND IS SHOWING IN YOUR 26AS , U FILL OPTION 1 . U CAN FILL EITHER OR BOTH OPTION IF U ARE COVERED UNDER BOTH CASES.
THIS IS THE ONLY WAY PRESCRIBED TO REGISTER AS TAX PAYER AND SUBMIT DOWNLOAD REQUEST FOR FORM 16B AS I HAVE DONE FOR MY CA FRIEND WHO HAS HIS OWN CASE FOR FORM 16B.
IF THERE IS ANY CHANGE , I WILL MENTION HERE.
Sagar
(engg)
(26 Points)
Replied 17 August 2013
| Originally posted by : CA RAJIV | ||
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Now A/Y 2014-15 has been added for payment through challan |
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I have already done the registration and stampduty process.
I still have a part payment pending, that is to be done to the seller.
Can I still deduct the 1% TDS and then deduct the amount from the remaining part payment.
I am asking this because below link says that it should be deducted before the registration process.
I am scared. Please help me out.
| Originally posted by : Sagar | ||
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Originally posted by : CA RAJIV Now A/Y 2014-15 has been added for payment through challan I have already done the registration and stampduty process. I still have a part payment pending, that is to be done to the seller. Can I still deduct the 1% TDS and then deduct the amount from the remaining part payment. I am asking this because below link says that it should be deducted before the registration process. https://articles.timesofindia.indiatimes.com/2013-06-12/bangalore/39924511_1_such-sum-property-sale-immovable-property I am scared. Please help me out. |
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GO BY THE LAW. DONT BE SCARED ON WHAT OTHER SAYS.TDS TO DEDUCTED AT THE TIME OF MAKING PAYMENT.HAVE U DEDUCTED TDS ON EARLIER PAYMENT DONE BY YOU TO SELLER?
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration.
Sagar
(engg)
(26 Points)
Replied 18 August 2013
| Originally posted by : CA RAJIV | ||
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Originally posted by : Sagar
I have already done the registration and stampduty process. |
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No, I havent deducted any TDS from earlier payment.
Can I still deduct TDS from the remaining amout but applied on the 'whole amount (total cost of the flat)?
Deduct TDS from the remaining amout but applied on the 'whole amount (total cost of the flat
DEPOSIT ONLINE AND GENERATE FORM 16B.
ALTERNATIVELY , ASSUMING U HAVE DONE PAYMENT AFTER DEDUCTING TDS , DEPOSIT THE AMOUNT 1 % ON TOTAL AMOUNT U HAVE PAID INCLUSIVE OF 1 % TDS. I.E IF U HAVE PAID RS.4000000 , THEN show that u have paid gross amount 4040404 and deducted tds 1% i.e 40404 and deposit this amount by filing form 26QB
As per law , tds decucted in previous month has to be deposited by 7th of next month.on that note u may have to pay interest on late deposit @ 1.5 % per month.
U CAN DECIDE YOURSELF WHAT U WANT TO DO.
Sagar
(engg)
(26 Points)
Replied 18 August 2013
| Originally posted by : CA RAJIV | ||
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Deduct TDS from the remaining amout but applied on the 'whole amount (total cost of the flat DEPOSIT ONLINE AND GENERATE FORM 16B. ALTERNATIVELY , ASSUMING U HAVE DONE PAYMENT AFTER DEDUCTING TDS , DEPOSIT THE AMOUNT 1 % ON TOTAL AMOUNT U HAVE PAID INCLUSIVE OF 1 % TDS. I.E IF U HAVE PAID RS.4000000 , THEN show that u have paid gross amount 4040404 and deducted tds 1% i.e 40404 and deposit this amount by filing form 26QB As per law , tds decucted in previous month has to be deposited by 7th of next month.on that note u may have to pay interest on late deposit @ 1.5 % per month. U CAN DECIDE YOURSELF WHAT U WANT TO DO. |
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I prefer the first option
Deduct TDS from the remaining amout but applied on the 'whole amount (total cost of the flat
DEPOSIT ONLINE AND GENERATE FORM 16B.
Thanks,
Pankaj
(Chartered Accountant)
(118 Points)
Replied 23 August 2013
As of now there isn't any source to download Form 16B except manual filling the form and handing it over to seller!
The NSDL is currently working on the same and it would be updated soon on its website
and as regards your query, I think on the payments already made you have to deduct TDS as Section 194-IA has a retrospective effect. And on the future payments (future instalments) you need not deduct any TDS as of now.
Thanks.
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