Salary income: Employer deducts TDS on total income, including income other than salary after taking into account all deductions and exemptions. This saves the individual the hassle of paying tax himself. TDS rate: As applicable to individual based on his income and deductions. Interest income: TDS is deducted by banks on FDs and RDs if…
CPC (TDS) has issued an advisory communication to the purchasers of the property regarding payment of taxes, deducted on purchase of immovable property. The issued communication has been given below: Dear Purchaser of Property, Greetings from CPC (TDS)! As part of the purchase of immovable property, you have deducted taxes in accordance with provisions of section…
Deduct tax at source while purchasing property else, you’ll need to pay from own pocket with interest and penalty. On receiving a notice from the Income Tax Department, a client of Rajiv Jain, a chartered accountant, called him up and read out its contents. The letter asked the client, a chemical trader, to explain why…
1. What is Form 16B? Form 16B is the TDS certificate to be issued by the deductor (purchaser/buyer of immovable property) to the deductee (Seller of immovable property) in respect of the taxes deducted on the sale of immovable property and deposited into the Government Account. 2. Who can download Form 16B? Only a purchaser/buyer,…
Forms Explaination Form 26QB Online form for furnishing TDS on Sale of Property issued as per Sec 194IA of the Income Tax Act, 1961. Click on ‘TDS on Sale of Property’ to open the form Challan ITNS…
1)How many Form no: 26 QB should be filled online if Immovable Property is purchased by two buyers from two sellers i.e. one sale deed / agreement is in the name of two buyers from two sellers, 2) Should TDS be paid 25 % wise e.g., if property of Rs 60 lakhs is purchased then…
From June 2013, purchaser of property with value of Rs 50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller. The TDS payment process and the steps to be…