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 12013.
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 BUYERto deduct 1% TDS before he makes final payment to seller
BUYER has to collect the PAN number of the Seller (Verify it with original)
IfSeller 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 FORMto 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 ORcan choose to pay offline
In the case of Online payment (Select – “e-tax payment immediately”) , complete the transactionand 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
If BUYER wishes to make the TDS payment through a Bank, visit one of the approved banks (list below)together with the Acknowledgement Formand 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 websitehttps://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)
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