TDS certificate in Part A of Form 16 shall be generated only for those PANs that have been reported in Annexure II(Salary Details) of 24Q statement for 4th quarter.
After incorporating the new facilities on income tax e-filing portal, one can file his/her income tax returns directly on the department website without using any software.
Steps to file Income Tax Returns without using software:
1. Log on to www.incometaxindiaefiling.gov.in
2. Click on login option.
3. Once you click the login option, you will be asked to provide User ID, password and Date of Birth for login into your account.
4. Once you login into your acount, you will find an option called e-File on the menu.
5. Under the e-file menu, select the option called Prepare and Submit online ITR.
6. Once you select the above option, the following details will be displayed on the screen;
i. PAN No.
ii. ITR form name: Here you need to select the ITR form applicable to you, as of now two ITR forms are available for efiling (ITR 1 and ITR 4S).
iii. Assessment year: Here you need to select the Assessment year for which you are filing the return.
iv. Address: Here you need to select one of the option out of 3 options( 1. Address from PAN Database, 2. Address from previous year return and 3. New address).
v. Digital Signature: Select YES if you want to file your return with digital signature otherwise NO.
vi. After filling the above details, then click on SUBMIT button.
vii. After clicking the SUBMIT button, the system will take you to ITR form.
7. Once the ITR form got opened then you need to enter your details in the ITR form.
8. Once all the details in the ITR form are filled then you need to click on SUBMIT option for filing the return.
1. While filling the details in the ITR, please DONT click on BACK button or BACKSPACE . If you click on BACK Space or BACK button, then you will be logged out.
2. After entering the data in each screen of ITR form, please click on Save button to save the data.
As per Finance Bill of 2013, TDS is applicable on sale of immovable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches.
Points to be remembered by the Purchaser of the Property:
- Deduct tax @ 1% from the sale consideration.
- Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card.
- PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction.
- Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department.
Points to be remembered by the Seller of the Property:
- Provide your PAN to the Purchaser for furnishing information regarding TDS to the Income Tax Department.
- Verify deposit of taxes deducted by the Purchaser in your Form 26AS Annual Tax Statement.
Frequently Asked questions (FAQ)
What is TDS on property?
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor
Who is responsible to deduct the TDS on sale of Property?
According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.
I am Buyer, do I required to procure TAN to report the TDS on sale of Property?
Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.
What if I dont have the PAN of the seller is it Mandatory?
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.
How can I use this facility to pay TDS on sale of Property?
The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website. After successfully providing details of transaction deductor can:
- Either make the payment online (through e-tax payment option) immediately;
- Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on www.tin-nsdl.com
If I encounter any error on NSDL site while entering the online form details what should I do?
If any problem is encountered at the NSDL website while entering details in the online form then contact the TIN Call Center at 020-27218080 or email at email@example.com (Please indicate the subject of the mail as Online Payment of Direct Tax).
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.