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Steps to Deduct and Remit TDS on Property (above 50 Lakhs) from June 1. Alert to Hyderabad Real Estate Buyers.

Hyderabad News. Exclventures 11.06.2013


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Property Buyers of properties now have the added responsibility of deducting TDS and remitting to the IT department.  The requirement of Tax Deduction at Source (TDS) announced in the recent union budget has come into effect from June 1  2013.

Highlights of the Steps to Deduct and Remit TDS on Property Purchase:

 

TDS is applicable on buying immovable property (other than agricultural land) worth over Rs 50 lakh

 

It’s the responsibility of the BUYER  to deduct 1% TDS before he makes final payment to seller

 

BUYER has to collect the PAN number of the Seller (Verify it with original)

 

If  Seller refuses to give pan number, 20%  has to be deducted as TDS

 

BUYER has to visit https://www.tin-nsdl.com/    and click on “TDS on Sale of Property”, followed by Click on “Online Form for Furnishing TDS on Property

 


In the next page, BUYER need to click on “ TDS on Sale of Property”

 

BUYER will now see a FORM    to fill in his own and Sellers’ Pan numbers, addresses, total value of the transaction, TDS amount etc

 

BUYER can choose to pay TDS online by selecting his Bank account OR  can choose to pay offline

 

In the case of Online payment (Select – “e-tax payment immediately”) , complete the transaction  and print out the   acknowledgment indicating the Challan Identification Number (CIN). The status of the challan in the “Challan Status Inquiry” at NSDL-TIN website using CIN after a week, after making payment. (https://tin.tin.nsdl.com/oltas/index.html)

 

 

In the case of Offline payment (Select – “e-tax payment on subsequent date”)  and  “Proceed:  to next page and Print out the Acknowledgement  Form with Acknowledgement number

 

BUYER  can login later and make payment online by entering Acknowledgement number at : https://onlineservices.tin.nsdl.com/etaxnew/PopServletOffline

 

If BUYER wishes to make the TDS payment through a Bank, visit one of the approved banks (list below)  together with the Acknowledgement  Form  and remit the amount in Bank. This should be done within 7 days of generating Acknowledgement Form

 

Download TDS Certificate from TRACES website http://www.tdscpc.gov.in and give to Seller

 

 To login at TDSCPC for the first time a BUYER should have TAN number which can be generated by registering at TIN website  https://www.tin-nsdl.com/   

 

 

 

Comment :

(What if BUYER do not Give TDS Certificate from TRACES?  If BUYER has paid tax online or offline through bank and gives Seller Acknowledgement form, it could be okay for Seller since deposit of Tax deducted can be seen by Seller in his FORM 26AS Annual Statement)


Keyword Tags: Hyderabad News,TDS on Property

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