26qb tds

Every person who has income chargeable to tax is required to file an income tax return to report their income and tax liabilities. However, income tax laws in India provide for collection/deduction of tax at source (TDS/TCS) itself. This, on the one hand, ensures, continuous revenue flow to Government and on the other hand, keeps checking on tax evasion. It is the responsibility of the payer to deduct tax (TDS/TCS) and pay it to the credit of Government. For such tax deduction, obtaining a Tax deduction Account Number (TAN) is mandatory. Deductor also has the responsibility of filing Tax deduction at source (TDS) return providing particulars of deductees, nature of the payment made, tax deducted, rate at which it is deducted etc for every quarter of a financial year. The TDS returns filed facilitate the income tax department give credit of TDS to the right deductees. In addition to filing such returns, the deductor must also provide a TDS certificate to the deductee for such tax deducted. Form 16B is one of the TDS certificates to be issued by the deductor under Income-tax Act, 1961 to the deductee in respect of TDS deposited to Government. In this article, we have discussed provisions relating to Form 16B and discussion is under following major heads: Nature of tax deduction and person responsible to deduct tax Provisions of this section are: • There is a transfer (other than cases of compulsory acquisition) of immovable property • Immovable property means land/building/p...

PDF Print Section 194-IA deals with the deduction of tax in case of purchase of property where the amount of consideration exceeds Rs. 50 lakh. The relevant extract of income tax act is as under: “ Any person, being a transferee, responsible for paying (other than the person referred to in section 194LA) to a resident transferor any sum by way of consideration for transfer of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum or the stamp duty value of such property, whichever is higher, as income-tax thereon.” How to calculate the liability for deduction of TDS u/s 194IA? Further, sub section 2 states that no TDS needs to be deducted for purchase of property where the consideration value is below Rs. 50 lakh. Relevant extract of the section is as under: “ (2) No deduction under sub-section (1) shall be made where the consideration for the transfer of an immovable property and the stamp duty value of such property, are both, less than fifty lakh rupees.” Now, there is a controversy as to whether the consideration amount mentioned in above sub section is in relation to each buyer or is in relation to a property. One school of thought says that since sub section 2 starts with referring sub section 1, the consideration limit nee...

Due Date, How to download and file, Consequences of late filing TDS return is a comprehensive summary of all the TDS transactions done during the quarter. This quarterly statement shows the summary of all the entries for the- TDS deducted by the deductor and TDS paid by the deductor Details of parties whose TDS has been deducted As the deductor is liable to deduct tax and file the TDS return Form as a supporting document, there are various types of return forms for different situations. Every person making specified payments mentioned under the income tax act is required to deduct TDS at the time of making such specified payments or credit in the books of accounts as per the Rules. TDS returns are quarterly statements which contain the information pertaining to TDS deducted and deposited. It is submitted by the person deducting TDS i.e. TDS deductor to the income tax department. Different forms have been prescribed for filing TDS returns depending upon the nature of the TDS deduction, such as FORM PARTICULARS Form 24Q Quarterly statement for tax deducted at source (TDS) from “Salaries” Form 26Q Quarterly statement for tax deducted at source in respect of all payments except ‘salaries’ Form 27Q Quarterly statement of deduction of tax from interest,dividend or other sum payable to non residents. Form 26QB It is a challan cum statement of deduction of tax u/s 194-IA. Form 26QC It is a challan cum statement of deduction of tax u/s 194-IB. Form 27EQ Quarterly statement of colle...