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Smart & Easy TDS Software for Preparing TDS Returns

TDSMAN Blog - Smart & Easy TDS Software for Preparing TDS Returns

Provisions related to TDS on Immovable Properties u/s. 194-IA

Provisions related to TDS payment and furnishing of TDS Certificate

1. Any sum deducted under section 194-IA shall be paid to the credit of the Central Government within a period of seven days from the end of the month in which the deduction is made.

2. TDS payment u/s. 194-IA  shall be accompanied by a challan-cum-statement in Form No.26QB.

3. Where tax deducted is to be deposited accompanied by a challan-cum-statement in Form No.26QB, the amount of tax so deducted shall be deposited to the credit of the Central Government by remitting it electronically within the time specified in sub-rule (2A) into the Reserve Bank of India or the State Bank of India or any authorised bank.

4. Every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form No.16B to the payee within fifteen days from the due date for furnishing the challan-cum-statement in Form No.26QB.

5. Form 16B is to be generated online from the web portal.

Provisions related to TDS deduction and applicability

The Finance Act 2013 had provided that purchaser of an immovable property (other than agricultural land) worth over Rs 50 lakh is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor.  The rate at which tax is to be cut is 1%, but it would go up to as high as 20% if the seller does not disclose his permanent account number.  This amendment is effective from 1st June, 2013.

 

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TDS/TCS Rates Chart for A.Y. 2014-15 or F.Y. 2013-14

A. TDS Rate Chart for A.Y. 2014-15 on Payments other than Salary and Wages

 Section
No.

Nature of Payment

Threshold
Total Payment
During the Year

Payment to

Individual
or HUF

Others

193

Interest on Debentures

Rs. 5000/-

10%

10%

194

Deemed Dividend

10%

10%

194 A

Interest by banks (Other than interest on securities)

Rs. 10000/-

10%

10%

194 A

Interest by Others (Other than interest on securities)

Rs. 5000/-

10%

10%

194 B

Winnings from Lotteries / Puzzle / Game

Rs. 10000/-

30%

30%

194 BB

Winnings from Horse Race

Rs. 5000/-

30%

30%

194 C (1)

Payment to Contractors

Rs. 30000/-

1%

2%

194 C (2)

Payment to Sub-Contractors / for Advertisements

Rs. 30000/-

1%

2%

194 D

Payment of Insurance Commission

Rs. 20000/-

10%

10%

194 EE

Out of deposits under NSS

Rs. 2500/-

20%

NA

194 G

Commission on Sale of Lottery tickets

Rs. 1000/-

10%

10%

194 H

Commission or Brokerage

Rs. 5000/-

10%

10%

194 I

Rent of Land, Building or Furniture

Rs. 180000/-

10%

10%

194 I

Rent of Plant & Machinery

Rs. 180000/-

2%

2%

194 J

Professional / technical services, royalty

Rs. 30000/-

10%

10%

194 J
(1)

Remuneration / commission to director of the company

10%

10%

194 J (ba) w.e.f. 01 .07.2012, Any remuneration / fees / commission to a director of a company, other than those on which tax is deductible under section 192.

10%

10%

194 LA

Compensation on acquisition of certain immovable property

Rs. 2,00,000/-

10%

10%

194 IA

Compensation on transfer of certain immovable property other than agricultural land (w.e.f. 01 .06.2013)

Consideration is
Rs. 50 lakh or
more.

1%

1%

194LD

Interest on certain bonds & Govt. securities (w.e.f. 01 .06.2013)  

5%

5%

 B. The Tax Collection at Source Rates for the Financial Year 2013-14 is tabulated below:

Sl. No.

Nature of Goods

Rates in %

1

Alcoholic liquor for human Consumption

1

2

Tendu leaves

5

3

Timber obtained under forest lease

2.5

4

Timber obtained by any mode other than a forest lease

2.5

5

Any other forest produce not being timber or tendu leaves

2.5

6

Scrap

1

7

Parking lot

2

8

Toll plaza

2

9

Mining & Quarrying

2

10

Minerals, being coal or lignite or iron ore

1

11

Bullion or jewellery (if the sale consideration is paid in cash  exceeding INR 2 lakhs)

1

Use TDSMAN software having Auto Tax Calculation feature to file your TDS / TCS returns.

To download the free trial of TDSMAN software, click here 

For more information, visit www.tdsman.com

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