As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller in the following manner:- Scenario 1 If Buyer has deducted & deposited Rs.50,000/- on […]
TDS / TCS (Income Tax) - Information & Resource Bank