WebFeb 1, 2024 · As per the Finance Bill, 2024, presented in Parliament along with the other Budget documents, the government proposes to amend Section 194-IA of the Income Tax Act, in order to remove inconsistency with Section 43CA and 50CA of the law. This amendment, if done, will take effect from April 1, 2024. WebFeb 4, 2024 · Section 194IA of the Income Tax Act 1961 states that tax should be deducted at source, during the sale of the property, by the buyer from the payment made to the seller. TDS is required to be deducted during the sale of every type of property except during the sale of agricultural land.

Section 194IA - TDS on Purchase of Immovable Property - Scripbox

WebDec 6, 2024 · The rate of TDS on the purchase of immovable property under section 194IA of Income Tax Act is Rs 1% of the total transaction value. The deductor must not add any … http://vasai.icai.org/resources/Utilities/Rates_of_TDS/Rates_of_TDS.aspx halfords eastleigh

Clarification w.e.f. 05-04-2024 on Section 192 of the Income Tax …

WebFeb 8, 2024 · The threshold limit prescribed under section 194R is Rs. 20,000. If the value of benefit or aggregate value of such benefit during the financial year is up to Rs. 20,000, no TDS is required. But if the threshold limit of Rs. 20,000 is breached, TDS is deductible on the entire amount @ 10%. WebApr 26, 2024 · 20% (The rate of TDS shall be increased by applicable surcharge and Health & Education cess.) 194EE: Payment of NSS Deposit: Rs.2,500: 10% : 194F: Payment on … WebThe Finance Act, 2013 introduced Section 194-IA in the Income-tax Act, 1961 (the Act) with effect from 1 June 2013 wherein the transferee making payment on the transfer of certain immovable property other than agricultural land, is responsible to deduct tax at source at the rate of 1 per cent. Further, where the halfords eastleigh opening hours