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TDS on Asset
If TDS is not done on any payment for the purpose of purchase of asset which attracts TDS under Income tax section then whether 30% should be disallowed??
Replies (2)
That is only if the expenditure is for business purpose...
But for properties ,,,,, interest with penalty gets attracted...
In case of Non deduction of TDS at the particular time then it will lead to serious consequences for the Buyer of the property and seller himself has to bear all .
As Sec 194IA states that When the Immovable property (other than Agriculture land) having the sale consideration exceeds 50 lakh then it Tds is required to be deducted by the Buyer at a percentage of 1%
This is the mandatory clause will have to comply ,otherwise will lead to non compliance .
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