26QB Challan Correction is one of the most frequently asked queries on my blog. There is a lot of confusion related to 26QB Challan Correction process. In fact, the readers who called helpline of Income Tax department could not get a proper response in this regard. A property buyer is left in a lurch. Before you go through this post, i suggest you to check my post How to deduct TDS u/s 194IA?. Reason being, it will help to understand the background. Also, it is always advisable to file the correct details in challan. You can collect the information beforehand. The form 26QB challan is not that ... Read More
How to deduct TDS through Home Loan?
One of the most common problems faced by a buyer is How to deduct TDS through Home Loan?. To deduct and deposit a TDS is the sole responsibility of a buyer. Sometimes a bank or HFC help the buyer and many a times they refuse. Currently, there is no standard process on how to deduct TDS through Home Loan. I come across unique and strange cases in this regard. Most of the times banks or HFC avoid hassle to deduct the TDS and put the entire onus on a buyer. The banks take advantage of a buyer if he or she is not aware of the rules and regulations in this regard. Therefore, it is critical for a ... Read More
TDS Filing – 7 Common Mistakes
TDS Filing in India is considered to be very tedious task. Trust me it is not. With the introduction of section 194IA w.e.f 1st June, 2013, now it is mandatory to deduct and deposit TDS for any property transaction over Rs 50 lakh. I shared the process of TDS filing in my post How to deduct TDS on Property Sale u/s 194IA. It is also mandatory to deduct TDS u/s 195, in case of NRI Seller. You may check my post, How to deduct TDS on NRI u/s 195? for more details. With reference to my these posts on TDS filing, i receive lot of queries on error / mistake in TDS filing. Main reason is people are ... Read More
How to Deduct TDS on Property Sale u/s 194IA
TDS on Property Sale is one of the progressive steps to regulate the real estate sector. Last decade or so has seen lot of reforms in Real Estate sector like computerization of land records, it's now mandatory to quote PAN for property transactions & historical judgement by Supreme Court to ban all property transactions through Power of Attorney. Despite all such efforts still 40% property transactions don't carry PAN details & almost all property transactions are undervalued / under reported. To fix this anomaly, In 2013-14 union budget Govt introduced section 194IA. Under this ... Read More