Web13 Apr 2024 · Under The Income Tax Act, 1961, few key rules regarding sale and purchase of immovable property have been laid out. Such transactions are covered under Section 194-IA. The buyer of property, also known as the deductor, is required to deduct TDS from the consideration payable to the property seller. Web11 Apr 2024 · The due date for issuing of TDS Certificate for tax deducted under sections 194-IA, 194-IB, and 194M in the month of November 2024. ... Application in Form 9A for exercising the option available under Explanation to section 11(1) to apply the income of the previous year in the next year or in future (if the assessee is required to submit a ...
Handbook On Tax Deduction At Source (TDS) - amazon.com.au
Web25 Nov 2024 · Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted (depending upon the Date of … Web21 Mar 2024 · The details of TDS on property purchase are outlined in Section 194-IA of the Income Tax Act. Here are some details of this section. If you are a property buyer, you must deduct 1% TDS from the total sales consideration. No TDS is required if the sales consideration is less than ₹50 lakhs. In the event you are paying for the property purchase ... permainan free fire
Detailed Analysis of TDS under Section 194-IA - TaxGuru
WebWhat Is Section 194IA of the Income Tax Act? Section 194IA of the Income Tax Act, 1961 deals with the TDS on the purchase of an immovable property at the time of transaction. The Finance Act of 2013 introduced this section to process a taxpayer's purchase transaction of immovable property. The transferee is required to pay an amount to the ... Web22 Nov 2024 · Exemption on TDS under section 194IA of Income Tax Act. No TDS shall be deducted on immovable property on any payment payable to the Govt., RBI, Mutual Fund … Web8 Feb 2024 · To bring consistency in the provisions, Finance Bill 2024 proposes to consider the stamp duty value also for calculation of threshold limit of Rs. 50 Lakhs. The proposed … permainan harry potter