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VMVSR 09390221100
1 [email protected] http://vmvsraoco.icai.org.in/
NOTE ON
TDS ON IMMOVABLE PROPERTY
(NEW RULES & FORMS NOTIFIED)
As per Section 194IA every buyer at the time of makingpayment or
crediting of any sum as consideration fortransfer of immovable
property other than agricultural landshall deduct tax at source @
1% of such amount where the
total consideration for the transfer of the immovableproperty is
Rs.50 lakhs or more.
This provision has come into force from 1st June,2013
andaccordingly all transactions on or after 1st June,2013, wherethe
consideration is not less than Rs.50 lakhs shall becovered by
TDS.
TDS deducted under section 194IA shall be paid to the creditof
the Central Government within a period of 7 days fromthe end of the
month in which the deduction is made.
TDS under section 194IA is to be deposited on Chllan
CumStatement on Form 26QB.
Online Payment of TDS is mandatory. Online paymentchallan is
available in TIN NSDL Website.
TDS certificate must be issued to deductee (buyer) in Form16B
within 15 days from due date of deposit.
TDS Certificate must be downloaded from online
TDSCPCwebsite.
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VMVSR 09390221100
2 [email protected] http://vmvsraoco.icai.org.in/
Both Transferee (Buyer) and Transferor (Seller) must
havePAN.
Transferee (Buyer) need not required to hold/obtain TAN fore
payment of TDS.
Quarterly Return in Form 24Q has been substituted with newreturn
form.
Regards,
CA. V.M.V.S.RAO
Date: 04/06/2013
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