WebMay 3, 2024 · Section 194I of the income tax covers TDS on rent. It imposes an obligation for TDS deduction on persons (other than individual/HUF) making rental payments to resident Indians above a specified limit, i.e., … WebMar 29, 2024 · Section 196A – Starting April 1st, 2024, non-residents earning income from mutual funds in India can provide a Tax Residency Certificate to avail the benefit of TDS as per rate given in tax treaty, instead of 20%. Section 192A – TDS rate reduced to 20% from maximum marginal rate on PF withdrawal for employees who do not have PAN
Tax Laws & Rules > Acts > Income-tax Act, 1961
WebNov 18, 2024 · Below are some of the features of section 194IA: The buyer shall deduct TDS before making payment to the seller. The tax rate of 1% is levied on the total sale consideration. No tax is deducted if the sale consideration is less than Rs. 50 lakhs. In case of payment by installments, tax has to be deducted on each installment. WebApr 12, 2024 · From 01/04/2024 TDS is required to be deducted @ 1% on 65 lacs. The difference of 10lacs will be taxable in hands of buyer u/s 56(2)(vii) under head Income from Other Sources and Seller is required to calculate capital gains taking sale consideration Rs. 70 lacs. Case-2: 80 lacs: 70 lacs: TDS is required to be deducted @1% on Rs. 80 lacs. … cooked cream dessert
Section 194IA: Understanding TDS on Immovable Property
WebJan 30, 2024 · TDS (Tax Deducted at Source) under Section 194IA of the Income Tax Act refers to the tax deducted when a payment is made for transferring certain types of immovable property. The person making the payment is responsible for deducting TDS and depositing it with the government. WebMar 9, 2024 · Section 194IA of the Income Tax Act, 1961 deals with the tax deducted at source (TDS) on the transfer of immovable property (other than agricultural land) above a certain threshold limit. This section mandates the buyer of the property to deduct TDS from the payment made to the seller and deposit it with the government. WebFeb 3, 2024 · In this case, the TDS u/s 194IA shall be deducted at 1% in each case of payment whether it is by way of advance or an installment. For an instance, the amount … cooked creamed cabbage