Notification - simplification of procedure deposit tax 194ia

   IMPORTANT POINT FOR TAX DEDUCTION U/S 194IA

NO TAN REQUIRED ONLY PAN OF SELLER AND PURCHASER ARE MANDATORY.JUST FILL THE FORM ON TIN WEBSITE.EITHER MAKE PAYMENT IMMEDIATELY OR SUBSEQUENLY.  AFTER SUBMITTING THE DEATILS ,9 DIGIT ACKNOWLEDGEMENT NO. WILL BE GENERATED AND IF U WANT TO PAY SUBSEQUENLY , FILL THE DETAILS AS GIVEN ON ACKNOWLEGEMENT AND MAKE PAYMENT.LAST DATE IS 7 DAYS FROM THE END OF MONTH IN WHICH TAX IS DEDUCTED. 

Latest Faq Question

What is Form 16B?

The tax deducted and paid under section 194IA of I T Act can be viewed online by the seller of the immovable property in their Form 26AS (Tax credit statement) from 22nd July, 2013 onwards

VIDEO ON TDS ON IMMOVABLE PROPERTY OTHER RURAL LAND AGRICULTURAL LAND U/S 194IA

https://www.youtube.com/watch?v=5tbRtasm1K4

Latest Faq on tds on sale of property

I am a buyer, whether I should deduct TDS on Property from the amount exceeding the property value of 50 Lakhs or on the whole amount of property sold?

For example, If amount of   property sold is 70 Lakhs, would TDS be calculated at 20 Lakhs or on 70 Lakhs?
TDS is to be deducted on the amount paid/credited to the seller. In the above e.g. the deduction will be on total amount i.e. on 70 Lakhs.

Can I make Cash/ Cheque payments  for the TDS at Banks?

Buyer may approach any of the authorized Bank Branch to facilitate in making e-payment.

I am a Buyer and I have filled Form 26QB before TDS payment and I have selected the option e-payment at subsequent date then how the payment made thereafter within the permissible period would be matched in the 26QB?

E-payment of taxes at subsequent date will be linked to the FORM 26QB based on Acknowledgement number generated at the time of filing of Form 26QB.

How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB?

Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share. E.g. in case of one buyer and two sellers, two forms have to be filled in and for two buyers and two seller, four forms have to be filled in for respective property shares

I HAVE BOUGHT A PROPERTY (UNDER CONST-POSSESSION DEC 2014)INCLUSIVE ALL AS PER FOLLOWING (AGREEMENT TO SALE , AGREEMENT TO CONSTRUCTION, CAR PARKING,CLUB HOUSE, MAINTAINANCE DEPOSITE, MAINTAINANCE EXPENSES, LEGAL EXP, SERVICE TAX, VAT.

1. MY 1ST QUESTION IS WHICH R THE ABOVE SAID EXP TO BE CONSIDERED IN TOTAL SALES CONSIDERATION.

2.  TOTAL COST IS INCLUSIVE ALL 70 LACS, I HAVE PAID 25 LACS BY 31/05/13, BALANCE ILL PAY FROM 1ST JUNE TILL POSSESSION. TDS DEDUCTION IS APPLICABLE ON TOTAL 70 LACS OR ON BALANCE PAYMENT AFTER 1ST JUNE 45 LACS.

PLS REPLY AT THE EARLIEST.

THNX    

Originally posted by : saurabh modi
	I HAVE BOUGHT A PROPERTY (UNDER CONST-POSSESSION DEC 2014)INCLUSIVE ALL AS PER FOLLOWING (AGREEMENT TO SALE , AGREEMENT TO CONSTRUCTION, CAR PARKING,CLUB HOUSE, MAINTAINANCE DEPOSITE, MAINTAINANCE EXPENSES, LEGAL EXP, SERVICE TAX, VAT. 1. MY 1ST QUESTION IS WHICH R THE ABOVE SAID EXP TO BE CONSIDERED IN TOTAL SALES CONSIDERATION. 2.  TOTAL COST IS INCLUSIVE ALL 70 LACS, I HAVE PAID 25 LACS BY 31/05/13, BALANCE ILL PAY FROM 1ST JUNE TILL POSSESSION. TDS DEDUCTION IS APPLICABLE ON TOTAL 70 LACS OR ON BALANCE PAYMENT AFTER 1ST JUNE 45 LACS. PLS REPLY AT THE EARLIEST. THNX

TDS DEDUCTION IS APPLICABLE ON BALANCE PAYMENT AFTER 1ST JUNE 45 LACS.

VALID PROCEDURE TO DOWNLOAD FORM 16B FROM TRACES

https://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html