I have purchased a property and payment advance basis above 50 lacs, so I deducted TDS 1% , I have confused what kind of TDS payment or return I filed, 26QB or U/s 194LA , Actually I want to know difference between 26QB OR 194LA, Please suggest.
I have purchased a property and payment advance basis above 50 lacs, so I deducted TDS 1% , I have confused what kind of TDS payment or return I filed, 26QB or U/s 194LA , Actually I want to know difference between 26QB OR 194LA, Please suggest.
You have to fill form 26QB online and pay the said tds amount.
https://www.incometaxindia.gov.in/Pages/tds-sale-of-immovable-property.aspx
Form 26QB is available on the TIN website and is used to furnish information in regards to TDS on property. The deductions come under Section 194-IA of the Income Tax Act. The last date for the payment of TDS is thirty days from the date the immovable property was transferred.
Section 194LA TDS on Payments of Compensation on Acquisition of certain Immovable Property. This section is effective from 1-10-2004 which provides as follows; ... Any person responsible for paying any sum to a resident is required to deduct tax at source
The last date for the payment of TDS is thirty days from the date the immovable property was transferred.
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