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yes thats what the process is... Refer instructions below for details
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We refer to our earlier communication in reference to section 194IA introduced in the Income-tax Act, 1961 with effect from June 1, 2013 requiring 1% tax withholding (‘TDS’) by the buyer of immovable property (other than agriculture land) of Rs. 50 lakhs or more.
1% TDS will be required to be made at the time of credit or payment, whichever is earlier. The 1% TDS so deducted is required to be deposited with the government treasury within 7 days from the end of the month in which the tax is deducted by you.
In this connection, the income-tax authority (Central Board of Direct Taxes) has vide Notification dated May 31, 2013, prescribed the procedure to be followed by the buyer of immovable property for making 1% TDS.
The notification has prescribed as below:
· Challan cum Statement (Form 26QB) has been prescribed for 1% TDS payment by the buyer: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
· 1% TDS payment has to be made electronically only, by the buyer. ‘Payment electronically’ means payment by internet facility or by using debit card. To make the payment, please log on to NSDL-TIN website (www.tin-nsdl.com)
· Buyer has to furnish to the income-tax authorities Form 26QB electronically, within seven days from the end of the month in which tax deduction is made.
· Buyer has to furnish to the seller a certificate of deduction of tax at source (Form 16B) within 22 days from the end of the month in which 1% TDS has been withheld by the buyer. The Form 16B is to be generated from the income tax web portal by the buyer and furnished to the seller duly signed.
· The Notification received from the government, along with the Challan cum Statement (Form 26QB) and Form 16B can be viewed on the link alongside: http://incometaxindia.gov.in/archive/Notification_S.O.1404(E)_03062013.pdf
Based on the aforesaid please provide us Challan cum statement (Form 26QB), the Challan Counterfoil containing Identification number as generated online from Bank Portal once the e-payment is made evidencing payment of 1% TDS along with the cheque for the balance amount (i.e. the amount mentioned in the demand notice less 1% TDS deposited by you in the government treasury). Further, provide us duly signed Form 16B generated from the income tax web portal.
************************************************** ******************
We refer to our earlier communication in reference to section 194IA introduced in the Income-tax Act, 1961 with effect from June 1, 2013 requiring 1% tax withholding (‘TDS’) by the buyer of immovable property (other than agriculture land) of Rs. 50 lakhs or more.
1% TDS will be required to be made at the time of credit or payment, whichever is earlier. The 1% TDS so deducted is required to be deposited with the government treasury within 7 days from the end of the month in which the tax is deducted by you.
In this connection, the income-tax authority (Central Board of Direct Taxes) has vide Notification dated May 31, 2013, prescribed the procedure to be followed by the buyer of immovable property for making 1% TDS.
The notification has prescribed as below:
· Challan cum Statement (Form 26QB) has been prescribed for 1% TDS payment by the buyer: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
· 1% TDS payment has to be made electronically only, by the buyer. ‘Payment electronically’ means payment by internet facility or by using debit card. To make the payment, please log on to NSDL-TIN website (www.tin-nsdl.com)
· Buyer has to furnish to the income-tax authorities Form 26QB electronically, within seven days from the end of the month in which tax deduction is made.
· Buyer has to furnish to the seller a certificate of deduction of tax at source (Form 16B) within 22 days from the end of the month in which 1% TDS has been withheld by the buyer. The Form 16B is to be generated from the income tax web portal by the buyer and furnished to the seller duly signed.
· The Notification received from the government, along with the Challan cum Statement (Form 26QB) and Form 16B can be viewed on the link alongside: http://incometaxindia.gov.in/archive/Notification_S.O.1404(E)_03062013.pdf
Based on the aforesaid please provide us Challan cum statement (Form 26QB), the Challan Counterfoil containing Identification number as generated online from Bank Portal once the e-payment is made evidencing payment of 1% TDS along with the cheque for the balance amount (i.e. the amount mentioned in the demand notice less 1% TDS deposited by you in the government treasury). Further, provide us duly signed Form 16B generated from the income tax web portal.
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