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TDS Deduction

Dear Customers,

As per newly inserted Section 194IA of Income Tax Act w.e.f. 01st June 2013,

Every buyer of Immovable Property, where Sales Consideration is equal to or more than Rs.50,00,000/- (Rs. Fifty Lakhs) shall be liable to deduct TDS @ 1% of amount payable/paid to Seller of Immovable Property on or after 01st June 2013. The same shall be deposited as per manner given below.

Note:- Sales Consideration means Total Cost of Flat but excluding IFMS and Service Tax amount.

Steps for Deduction & Payment of TDS:-

• Deduct TDS @ 1% on Sales Consideration (i.e. Demand Amount excluding IFMS & Service Tax).
• Pay TDS to any Authorized Bank within 7 days from the end of the month in which TDS deducted with challan-cum-statement Form No.-26QB.
• Furnish the Certificate of deduction of Tax in Form No.16B to the seller within Fifteen days from the due date for payment of TDS.

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