Only a purchaser/buyer, who is registered on TRACES as tax-payer can download Form 16B, using unique acknowledgment number generated while filing of Form 26QB (statement cum challan form).
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I am a purchaser/buyer, whether I should deduct TDS on Property from the amount exceeding the property value of 50 Lakhs or on the whole amount of property sold?
TDS is to be deducted on the total amount paid or credited to the seller. For example, if an amount of property sold is 70 Lakh, TDS will be deducted […]
Which challan is used for depositing the amount deducted under section 194IA?
The deducted amount can be deposited using ITNS-280 under the minor head-800.
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 […]
What are the points to be remembered by the purchaser/buyer of the Property?
Following are the points to be remembered by the buyer of the property : Deduct TDS @ 1% on the total sale consideration. Collect the Permanent Account Number (PAN) of […]
What are the points to be remembered by the Seller of the Property?
Following are the points to be remembered by the seller of the property: Provide a copy of PAN card to the Purchaser of the property for furnishing information regarding TDS […]
What is TDS on property?
As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property is equal or exceeds or to 50,00,000 (Rupees Fifty […]
How can I know if my deductor has filed the quarterly statement reflecting details for my PAN?
You can check on TRACES if deductor has filed quarterly statement and whether the statement contains details for your PAN. This functionality can be accessed by Tax Payer without logging […]
How is Form 26AS important to a deductor and tax payer?
The TDS / TCS deducted by a deductor is reflected in Form 26AS of the respective PAN and this helps in identifying any discrepancy / error. Although deductor cannot view […]
I have received a demand notice for my Income Tax Return, whom should I contact in this regard?
For demand related to your income tax return (ITR), kindly contact ITRCPC-Bangalore or your Jurisdictional AO.