TDS provision

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30 Points Posted on 15 May 2020
if @ the time of agreement it was agricultural land but @ time of registration it was being transformed into commercial land. So will TDS be applicable ??
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On 15 May 2020 at 23:12 Report
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This discussion clarifies whether Tax Deducted at Source (TDS) applies when land initially agreed as agricultural is registered as commercial. TDS is applicable if the document or stamp duty value exceeds £50 lakhs, under section 194IA. The rate has recently been reduced to 0.75% from 1% after May 14, 2020.

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12244 Points Posted on 15 May 2020
Yes, if the document value or Stamp duty value is in excess of 50 lakhs, TDS provisions will attract
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On 15 May 2020 at 23:35
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6 Points Posted on 15 May 2020
Thank you Rama sir
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On 15 May 2020 at 23:48
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30 Points Posted on 15 May 2020
Oh thank you ...it will be as per 194IA right? at rate of 1%
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On 15 May 2020 at 23:50
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12244 Points Posted on 16 May 2020
Welcome Mr Ankit. @ mr soham - yes you are correct. the relevant section is 194IA @ 1%
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On 16 May 2020 at 04:12
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837 Points Posted on 16 May 2020
Now it will be 0.75%.
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On 16 May 2020 at 12:19
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Student CA IPC / IPCC
352 Points Posted on 17 May 2020
Reduced rate after 14/05/2020
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On 17 May 2020 at 14:44
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30 Points Posted on 17 May 2020
Yea correct
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On 17 May 2020 at 15:40

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