Section 194IA is inserted by Finance act 2013 and it is applicable from 01st of June, 2013. A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable.
Tax Deducted at Source (TDS) is an important aspect that both buyers and sellers need to be aware of during property sale in Chennai and transactions..
Tax deducted on Property to be deposited and Procedure for Deposit of TDS on Property Sale with Govt. The Buyer of Property is required to deduct TDS on Property from the Purchase price of the property and deposit this TDS with the Income Tax Department.
TDS stands for Tax Deducted at Source, which means that tax is deducted right at the source of income. Here is a detailed understanding of TDS on the Purchase of Property. Check out our detailed PPT/PDF for more information. https://www.pnbhousing.com/blog/tds-on-purchase-of-property/
Discover critical proposals for the government to streamline TDS regulations while purchasing real estate from non-resident Indians (NRIs) in India. Navigating tax issues is critical for purchasers, particularly when dealing with NRI sellers. Resident buyers must withhold tax payments in accordance with legislative requirements. However, TDS compliance is required only if the sales exceed Rs 50 lakh and the seller is an Indian tax resident.
Tax Deducted at Source (TDS) applies to various sources of income, such as salaries, business income, property sales, and interest on bank deposits. The entity paying the income deducts a portion of the tax liability by withholding TDS from the earnings. This deducted amount is then credited to your tax account and should be visible when you file your tax return. However, there are situations where the TDS credit may not appear immediately in your tax records. This could be due to reasons such as the counterparty not depositing the TDS, discrepancies in details, or other issues. Have you noticed any missing details in your Form 26AS related to TDS? Are you wondering how to rectify this? We can provide you with assistance to address these concerns in this article.
Rates of TDS TDS is deducted by deductor/employer under following section: Section 192- Payment of Salary Section 193- Interest on securities to a resident @ 10 %
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Under Section 54EC of the Income Tax Act of 1961, investors in 54 EC Capital Gain Bonds are free from capital gains tax. If these bonds are purchased within six months of the sale of real estate, the long-term capital gain that results from the sale of the property can be avoided. The annual interest rate on 54EC bonds is 5.00% and the maximum amount that can be invested in them in a fiscal year is Rs. 50,000. These bonds' interest income is taxable under the tax code. There are neither interest- or repayment-related hazards because they are guaranteed by the Indian government. The Government of India will guarantee that you will receive interest payments on these bonds each year.
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Important Selling Tips for sellers advised by top NRI legal services in India are being presented for people residing abroad and wishing to sell there property here.
Government bonds known as 54EC Bonds provide tax advantages to holders who reinvest capital gains from the sale of real estate. These bonds usually offer a set interest rate together with a lock-in term. Additionally, investors in 54 ec bonds who wish to lower their taxes through internet investment can get in touch with us at 7834834444.
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The Central Board of Direct Taxes (CBDT) has introduced a new functionality in the Annual Information Statement (AIS) for taxpayers, enhancing transparency and accuracy in tax reporting. This new feature allows taxpayers to view the status of their feedback in real-time, ensuring that their financial transactions are correctly reported. In this article, fictional characters Arjuna and Krishna discuss the implications and impact of AIS on filing Income Tax Returns, highlighting the benefits of the new functionality.
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It is an indirect tax wherein the service provider collects the tax on services from service receiver and pays the same to Government of India. It is required for businesses providing services in India.
The Pre Budget Memorandum for Union Budget 2024-25 lays out a strategic roadmap for enhancing India’s taxation framework. Addressing critical areas such as tax base expansion, avoidance mitigation, litigation reduction, and Direct Tax Laws rationalization, the memorandum seeks to shape a tax ecosystem that is responsive, fair, and conducive to economic growth.
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The countdown for the Budget 2016 has begun. From average taxpayer to tax experts, all eyes are transfixed on the Union Budget 2016. Every year 'Taxmann' comes out with its expectations from the Union Budget.
The countdown for the Budget 2016 has begun. From average taxpayer to tax experts, all eyes are transfixed on the Union Budget 2016. Every year 'Taxmann' comes out with its expectations from the Union Budget.
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This presentation is all about what is ca firm and services which they provide to their clients. Chartered Accountants who work in practice provide professional financial services to businesses. Auditing, taxation, accounting, financial analysis, risk management and advising on financial structures, are just some of the wide-ranging services provided by Chartered Accountancy Firms. And here is some details about these services.
Beginning from 1st April, 2023 the new Financial Year 2023-24, will commence. Union Finance Minister Nirmala Sitharaman’s announcements from Budget will take effect from April1.
Goods and Services Tax is the only domestic indirect tax in India. Under the new tax regime, there are various GST laws & rules that taxpayers must follow.
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The return filing season is on and for salaried employees the last date for filing the IT return is 31st July, 2016 (for returns pertaining to FY 2015-16).
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