TDS under section 194 IA - Professionals - Taxation - TIK Share
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TDS under section 194 IA


Vedanta Deshika

2014-02-22

Section 194 IA – Payment on transfer of certain immovable property other than agricultural land


1.Inserted by Finance Act, 2013, w.e.f 1st June, 2013
2. Payment to a Resident
3.Transfer of Immovable Property (other than Agricultural Land)
4.Consideration should be Rs. 50 Lakhs or more
5.TDS @ 1%
6.Provisions of section 203A – (Tax Deduction and Collection Account Number) shall not apply to a person required to deduct tax in accordance with the provisions of this section.

Rahul Rai

2014-02-22

I have doubts on this.

  1. Which Challans to use for payments.
  2. Do we have to file TDS quarterly return or challan will cover it?

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Vedanta Deshika

2014-02-25

@Rahul Rai

TDS should be deposited online using Form 26QB within 7 days of the next month. There is no need to file any quarterly returns as the Form 26QB is a TDS Challan cum statement.

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