Tax Deduction at Source

You might have deducted TDS u/s. 194 IA i.e. 1% and not u/s, 195.

You require to obtain TAN and pay tax as per sec. 195, when you purchased property from NRI.

The compliance are exactly similar which is required to be followed for filling a TDS return: –

• Buyer should have TAN (Tax Deduction and Collection Account Number).
• TDS deducted should have been deposited within 7 days from the end of the month in which TDS is deducted.
• TDS deducted is required to be deposited using Challan No./ITNS 281.
• TDS return is required to be submitted within 31 days from the end of the quarter in which TDS is deducted using TDS Form 27Q.
• TDS certificate is required to be generated after filing TDS return within 15 days from the due date of submission of TDS return.