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Tax Deduction at Source
Sir I have purchased an immovable property from a non resident. Since the full consideration was exceeding Rs. 5000000/-, I have deducted TDS accordingly. Sir in this case which return/ form to be filed by the resident assessee
Replies (3)
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.
Sir I have TAN no. What is the TDS Return to be filed
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.
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