Wednesday, 22 October 2014

Form 16B Tds Certificate / Simplification of Procedure for deposit of tax and furnishing of information relating to Tax Deducted at Source (TDS) under section 194-IA


 NOTIFICATION 39 No.S.O.1404 (E) NO. 39 dated 31st May, 2013 INCOME TAX YEAR 2013

CLICK HERE TO VIEW NOTIFICATION

The provisions of rule 30, rule 31 and rule 31A of the Income-tax Rules, 1962 were amended and Form No.16B & Form No.26QB were inserted in the Income-tax Rules, 1962 vide Notification No.S.O.1404 (E) dated 31st May, 2013 to simplify the procedure relating to deposit of tax and furnishing of information relating to tax deducted at source (TDS) on payment made for transfer of certain immovable property other than rural agricultural land.



TDS on property / Introduction (Sec 194 IA)


AS PER FINANCE BILL OF 2013, TDS IS APPLICABLE ON SALE OF IMMOVABLE PROPERTY 
WHEREIN THE SALE CONSIDERATION OF THE PROPERTY EXCEEDS OR IS EQUAL TO RS 50,00,000
 (RUPEES FIFTY LAKHS). 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 BY THE
 PURCHASER OF THE PROPERTY AT THE TIME OF MAKING PAYMENT OF SALE CONSIDERATION. 
TAX SO DEDUCTED SHOULD BE DEPOSITED TO THE GOVERNMENT ACCOUNT THROUGH ANY 
OF THE AUTHORISED BANK BRANCHES.

Facility for furnishing information regarding the transaction of sale of 

immovable property and payment of TDS  is available on website       

http://www.tin-nsdl.com


Points to be remembered by the Purchaser of the Property:
1. Deduct tax @ 1% from the sale consideration.

2. Collect the Permanent Account Number (PAN) of the Seller and verify the same 
with the Original PAN card.

3. PAN of seller as well as Purchaser should be mandatorily furnished in the online
Form for furnishing information regarding the sale transaction.

4. Do not commit any error in quoting the PAN or other details in the online Form as 
there is no online mechanism for rectification of errors. For the purpose of rectification 
you are required to contact Income Tax Department.

Points to be remembered by the Seller of the Property:
  1.  Provide your PAN to the Purchaser for furnishing information regarding TDS to the 
       Income Tax Department.
 2.    Verify deposit of taxes deducted by the Purchaser in your Form 26AS Annual Tax Statement.

FORM 16B - Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee
 (Seller of property) in respect of the taxes deducted and deposited into the Government Account.

Form 16B will be available for download from the website of Centralized Processing Cell of TDS 
(CPC-TDS) www.tdscpc.gov.in

Procedure to Download Form 16B From Traces

http://www.chdcaprofessionals.com/2013/08/proceduretodownloadform16bfromtraces.html






                               LIST OF AUTHORIZED BANKS FOR E-PAYMENT


                                            FREQUENTLY ASKED QUESTIONS

                                   
                                   E - TUTORIAL ON TDS ON SALE OF PROPERTY

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