The objective of introducing Section 194N by government in the Union Budget 2019 of July 2019 is to discourage cash transactions in the country and promote the digital transaction in India or promote less cash economy. ‘Section 194N –TDS on cash withdrawals over and above Rs 1 crore’ has been introduced through the Finance Bill, 2019. […]
Tag: DEDUCTION OF TDS
TDS ON PROPERTY UNDER SECTION 194-IA OF INCOME TAX ACT
APPLICABILITY OF TDS Any person who is purchasing an immovable property (other than rural agricultural land) worth Rs. 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. This section covers residential property, commercial property, as well as land. However, transactions pertaining […]
TDS Return Online
TDS (Tax Deducted at source) is a form of indirect tax collected by the revenue authorities of the Indian government as per the Income Tax Act 1961. This tax is usually collected at the time of generation of income or rather at the time of making payment. It is the amount deducted from payments of […]