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TDS PAYMENT 26QB OR 194LA

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ABHIJIT MANNA

ACCOUNTANT

447 Points Posted on 30 November 2021

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.

Replies (3)

Quick Summary

This discussion clarifies the difference between TDS payment under Form 26QB and Section 194LA. Form 26QB is used for TDS on the sale of immovable property, with deductions falling under Section 194-IA. Section 194LA specifically covers TDS on compensation for the acquisition of certain immovable properties. Both require TDS payment within thirty days of property transfer.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212444 Points Posted on 30 November 2021

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

debora M

BUSINESS DEVELOPMENT MANAGER

1697 Points Posted on 30 November 2021

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