Query : 1% tds on property

1) You have to deduct tax @ 1 % of Rs6,00,000 that is Rs 6,000 & Amt paid/ credited will be Gross Amt that is Rs 6 Lacs.

2)You have to select  option 1since the receiver is a Company

Hi Bhumit,

Thanks for your reply, now I am clear about my first query.

But regarding second query i.e whether to select income tax on companies, or income tax other than companies, I have following doubt:

1. Suppose I am an individual filling form 26QAB, and I have selected first option i.e 0020, then when I click Proceed in form 26QAB, it gives message i.e if you are an individual and if you are not a company then select 0021 i.e Income tax (other than companies).

I am confused here, can you please clarify.

Regards,

Prakhar