Tds on property online payment

TDS on Sale of Property is levied @ 1% on transaction of all properties where the total transaction value is more than Rs. 50 Lakhs. The manner of levy of TDS on Property has been explained in detail in this article. The topics covered are as under:- • Rate of TDS on Sale of Property • Amount on which TDS is to be deducted • TDS Deducted to be deposited with the Govt • Procedure for Deposit of TDS • TDS on Amount paid in Installments • TDS in case of more than 1 buyer or 1 seller • Penalty for Non-Deduction/ Non-Deposit of TDS • Other Relevant Points regarding TDS on Property • e-Book on Capital Gains Tax on Sale of Property Rate of TDS on Sale of Property TDS on Sale of property is required to be deducted @1% if the property value is more than Rs. 50 Lakhs. This TDS is required to be deducted for all transactions after 1st June 2013 if the property transaction value is more than Rs. 50 Lakhs. This is applicable on sale of all properties except on sale of Agricultural Land. It is also important to note here that 1% TDS is applicable only if the seller is Resident in India. If the seller is not-resident in India i.e. he is an NRI, then the rate of TDS will change. The rate of TDS in case of sale of property by Non-Resident would be 20% + Surcharge + Cess. TDS on Sale of Property by NRI would be levied even if the Transaction Value is less than Rs. 50 Lakhs. The manner of applicability on sale of property by NRI has been explained in detail here – The manner of levy of TDS o...

Table of Contents • • • • • • • • • • What is TDS? The legal framework requires that the person on whom the responsibility has been cast is to deduct tax at the appropriate rates, from payments of specific nature which are being made to a specified recipient. The deducted sum is required to be deposited to the credit of the Central government. The recipient from whose income tax has been deducted at source gets the credit of the amount deducted in his personal assessment on the basis of the certificate issued by the deductor. For example, an employer paying salary to the employee is liable to deduct TDS and pay it to the government on behalf of the employee. Similarly, a home buyer is liable to deduct and pay TDS to the government on behalf of the seller. Under I-T laws, TDS is deducted by the payer on payment of salary, interest, rent, commission, brokerage, etc. See also: How is TDS paid online? Step 1: Visit NSDL’s official website ( https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp ). On this page, select ‘CHALLAN NO./ITNS 281’ option under TDS/TCS Section. Step 2: You will be directed to an e-payment page, where you will have to fill details about the payment. all about: In ‘Tax Applicable’ field, select ‘Company Deductees’ if you are deducting TDS for a company. If not so, select ‘Non-Company Deductees’. Among the details, you will select the required tax applicable, types of payment, nature of payment and assessment/financial year as displayed on the sc...

TDS means tax deducted at source—which is an integral part of income tax. Under the TDS system, the specific amount gets deducted as tax directly from the income at the source. It is deducted on various types of payment such as salaries, interest payments by banks, commission and rent payments, consultation fees, and professional fees. This tax amount further helps the government to collect direct income taxes very efficiently. Here’s a guide to know about the meaning of TDS, where it is applicable and online payment process of TDS along with other vital details. What is Tax Deducted At Source (TDS) TDS is a part of the direct tax mechanism which is considered as one of the modes of collecting tax under the Income Tax Act, 1961. It was introduced with the sole aim to collect the taxes from the very source of income or during the time of income payout. TDS refers to the amount of tax, which is deducted by the deductor, and then the same amount gets remitted into the account of the Central Government. The deductee from whom this amount has been deducted at source is eligible to receive the credit of the same amount on the basis of Here, a deductor is referred to any individual who has to make payments as per the Income Tax Act and thus have to pay TDS when specified payments are made. This tax amount is deducted at source at the predetermined TDS rates and the tax so deducted needs to be deposited with the government within a specified time period. For instance, the monthly ...

• ASPIRATION • Home Loan • Business Loan • Education Loan • Vehicle Loan • LIFESTYLE • Personal Loan • Travel Loan • Wedding Loan • Consumer Durable Loan • Home Renovation Loan • PROTECTION • Medical Loan • Insurance • FINANCE ESSENTIALS • Loan Against Property • Loan Against Securities • Wealth Services • Trends • Government Regulations • MONEYFY • Mutual Funds • Equity Funds • Hybrid Funds • Debt Funds • Fixed Deposits • National Pension Scheme • Tax Saving Investments • Gold Investment • Calculators • Investment Guide • BUSINESS • Equipment Financing • Equipment Leasing • Working Capital Loans • Term Loans • Construction Finance • Leadership Talk • Channel Finance • OTHERS • GENERIC • COVID-19 • Coronavirus • Government Updates • Work From Home • Lockdown Solutions • Finance Solutions Purchasing a new home means several other expenses apart from your All real estate properties come under ‘immovable properties.’ Whenever there is a transfer of ownership of immovable property, except agricultural land, the buyer must pay TDS (tax deducted at source), as per Section 194-IA. Further, this rule is applicable only if the cost of the property is more than Rs. 50 lakhs. As the buyer, it is your responsibility to deduct TDS and make the payment to the Income Tax Department. Read this article to learn how you can pay the TDS on property online from the comfort of your home. How much TDS do you have to pay? According to Section 194-IA: • The tax rate for property purchase is 1% of...