Sub:- query for tds under section 194-ic income tax act

Dear Sir,

 

I have made an agreement with the Building Developer on 01/08/2016, as per agreement Developer have to pay Rs.8 lacs at the time of handover my land for the development.  Today 10/10/2017 after one year of agreement Developer pay Rs. 8 lacs but they are deducted @ 10% TDS  as per section 194-IC, as the fact that is it correct or not ?  As per section 194 IC, it is clearly mention that "TDS ON PAYMENT UNDER JOINT DEVELOPMENT AGREEMENT W.E.F. APRIL 2017", Tax deducted @ 10%, if PAN of recipient is not available, tax is deductible at the rate of 20%

 

Sir, please guide me that my agreement done on 01/08/2016, have any right to deduct TDS @ 10% by the Developer.against our development agreement between Land Lord & Developer. on 01/08/2016.

 

Thanks & Regards,

 

Subhas Das

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