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TDS DEDUCTION UNDER SECTION 194M-REG
My friend has paid Rs.69.50/Lakhs to a construction company for a residential flat purchase for his own use in the month of February 2022 after deducting TDS U/s 194M being Rs.50000/.Is correct to deduct TDS on the amount exceeding Rs.50/ Lakh?or has he to deduct TDS on entire payment of Rs.70/Lakh U/s 194M.He has no business income.Please advice me sir.He is going to issue TDS Certificate in Form 16D.
Replies (1)
If the provisions of section 194M are applicable then TDS to be deducted on the entire consideration Rs. 70 Lakhs and not the amount exceeding Rs. 50 Lakhs.
TDS = 70 Lakh x 5/100 = 3.5 Lakhs.
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