1% TDS On Purchase Of Immovable Property must be deducted

By Accommodation Times Bureau Under Section 195, on transfer of immoveable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immoveable property by a resident except in case of compulsory acquisition of certain immoveable properties (section 194LA). The Finance Act,

TDS on Purchase of Immovable Property

By Accommodation Times Bureau Under Section 195, on transfer of immovable property by a non-resident, tax is required to be deducted at source by the transferee. However, there is no such requirement on transfer of immovable property by a resident except in case of compulsory acquisition of certain immovable properties (section 194LA). The Finance Act,

Rent above Rs 1.2 Lakh p.a. subject to TDS of 20%

 By Dr Sanjay Chatutvedi, LLB, PhD On 9 June 2017, Govt made it compulsory to deduct 20% TDS if annual rent cross Rs1.2 Lakhs and deposit the deduction within 30 days to govt. The CBDT in its gazetted notification made it clear that the deduction can not keep the money so collected under 194-1B

Tax Deducted At Source (Tds) On Property Transactions

By Accommodation Times News Service By Rajkumar Adukia, LL.B Introduction “A tax is not a voluntary payment or donation, but an enforced contribution, exacted pursuant to legislative authority" and is any contribution imposed by government whether under the name of toll, tribute, impost, duty, custom, excise, subsidy, aid, supply, or other name.” (Black’s

India eases norms for NRIs investors scraping higher TDS

By Accommodation Times News Service Under the new rules 37BC, investors will instead need to provide their personal details such as e-mail and contact number, residential address and tax residency certificate from the government of their home country. Non-resident investors who do not provide permanent account number will no longer have to

Property buyers in Bangalore, have first pay up TDS

By Accommodation Times News Service Now if you buying a house pay TDS before registering it, or income tax sleuths will come knocking on your door. The TDS (Tax Deducted at Source) has been kicks in from June 1 with the implementation of Section 194-IA, announced in the finance budget of

1% TDS on property costing more than 50 lakh is applicable from 1st June

By Accommodation Times News Service The additional 1% TDS implemented on the properties costing more than Rs. 50 lakh, which was declared during the budget 2013-2014, is getting implemented from 1st June 2013. As per the new tax amendment properties registered after 1st June will be levied by 1% TDS. Hence,