Girish's Blog

I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor) and Form 26QB for the (deductee). Firstly one has to go to the following link: https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp ·            Once this link is opened click on Form 26QB (Payment of TDS on sale of property). ·            Select (0021) in case of non corporate payer and 0020 in case of corporate payer. ·            On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page which will give you the option to select your bank. ·            Once you select the bank, then login using the normal online process for your bank. ·  ...

  This note is being written in response to various calls I have got from clients with respect to the TDS provision on property transactions. Effective from 1 June 2013, taxes are to be deducted at source ('TDS') on payments for the purchase of immovable property (including any land other than agricultural land, or any building or part of a building) @ 1 per cent as per section 1941A. Taxes would be required to be deducted @ 20 per cent should the seller not hold a PAN. Such requirement to deduct taxes is triggered should the purchased property's cost exceed Rs. 5,000,000.  The representations made by the Confederation of Real Estate Developers of India requesting a rollback of the section was not accepted thus dashing the hopes of the industry. As the rules for the same were not notified there was the hope of a possible rollback similar to the one performed last year, when such a proposal was placed in the Finance Bill, 2012 but not enacted into the Finance Act, 2012. ...