As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to Rs 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches.
Facility for
furnishing information regarding the transaction of sale of immoveable property
and payment of TDS thereof is available on this website.
Detailed procedure,
user friendly e-tutorial, list of Bank branches authorised to
accept TDS andFrequently Asked Questions (FAQs) are available on this
website for reference.
Points to be
remembered by the Purchaser of the Property:
1. Deduct tax @ 1% from the
sale consideration.
2. Collect the Permanent
Account Number (PAN) of the Seller and verify the same with the
Original PAN card.
3. PAN of seller as well as
Purchaser should be mandatorily furnished in the online Form for
furnishing information regarding the sale transaction.
4. Do not commit any error in
quoting the PAN or other details in the online Form as there is no
online mechanism for rectification of errors. For the purpose of rectification
you are required to contact Income Tax Department.
Points to be
remembered by the Seller of the Property:
1. Provide your PAN to the
Purchaser for furnishing information regarding TDS to the Income Tax Department.
2. Verify deposit of taxes
deducted by the Purchaser in your Form 26AS Annual Tax Statement.
What is TDS on
property?
The Finance Bill 2013
has proposed that purchaser of 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
Who is responsible to
deduct the TDS on sale of Property?
According to rules in
respect of tax deducted at source, buyer of the property would have to deduct
the TDS and deposit the same in Government treasury.
I am Buyer, do I
required to procure TAN to report the TDS on sale of Property?
Buyer or Purchaser of
the property is not required to procure Tax Deduction
Account Number (TAN). The Buyer is required quote his or her PAN and
sellers PAN.
What if I don’t have
the PAN of the seller is it Mandatory?
PAN of the seller is
mandatory. The same may be acquired from the Seller before effecting the
transaction.
How can I use this
facility to pay TDS on sale of Property?
The Buyer of the
property (deductor of tax) has to furnish information regarding the transaction
online on the TIN website. After successfully providing details of transaction
deductor can:
o Either make the payment online (through
e-tax payment option) immediately;
o Or make the payment subsequently through
e-tax payment option (net-banking account) or by visiting any of the authorized
Bank branches. However, such bank branches will make e-payment
without digitization of any challan. The bank will get
the challan details from the online form filled on
www.tin-nsdl.com
If I encounter any
error on NSDL site while entering the online form details what should
I do?
If any problem is
encountered at the NSDL website while entering details in the online
form then contact the TIN Call Center at 020 – 27218080 or write to us at
tininfo @ nsdl.co.in (Please indicate the subject of the mail as Online Payment
of Direct Tax).
PAYMENT THROUGH e-TAX
PAYMENT OPTION IMMEDIATELY
What is
the procedure for furnishing TDS through the e-tax payment option
immediately after providing the transaction details?
E-Payment facilitates
payment of taxes online by taxpayers. To avail this facility the taxpayer is
required to have a net-banking account with any of the Authorized Banks. Please
follow the steps as under to pay tax online:-
Step 1
a) Log on to NSDL-TIN
website (www.tin-nsdl.com).
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
Step 2
After selecting the
form you will be directed to the screen for entering certain information.
Example:-
a) Permanent
Account Number (PAN) of Property Purchaser and Seller.
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
It is important to
ensure that PAN of Buyer and Seller are correctly mentioned in the form. There
is no online mechanism for subsequent rectification. Deductor will have to
approach the Assessing Officer or CPC-TDS for rectification of errors.
Step 3
After entering all the
above detail, click on PROCEED button. The system will check the validity of
PAN. In case PAN is not available in the database of the Income Tax Department
then you cannot proceed with the payment of tax.
If PAN is available
then TIN system will display the contents you have entered along with
the “Name” appearing in the ITD database with respect the
PAN entered by you.
Step 4
You can now verify the
details entered by you. In case you have made a mistake in data
entry, click on “EDIT” to correct the same. If all the detail and name as per
ITD is correct, click on “SUBMIT” button. Nine digit alpha numeric ACK no. will
be generated and you will be directed to the net-banking site provided by you.
Please be informed
that the name and status of PAN is as per the ITD PAN Master. You are required
to verify the name before making payment. In case any discrepancy is observed,
please confirm the PAN entered by you. Any change required in the
name displayed as per the PAN Master can be updated by filling up the relevant
change request forms for PAN. If the name is correct, then click on
“Confirm”
Step 5
After confirmation an
option will be provided for submitting to Bank. On clicking on Submit to Bank
deductor will have to login to the net-banking site with the user ID/ password
provided by the bank for net-banking purpose and enter payment details at the
bank site.
On successful payment
a challan counterfoil will be displayed containing CIN, payment
details and bank name through which e-payment has been made. This counterfoil
is proof of payment being made.
How do I know whether
my bank provides this facility?
To avail this facility
the taxpayer is required to have a net-banking account with any of the
Authorized Banks. List of Authorized Banks is available at the TIN website in
the link
What is
the procedure after being directed to the net banking site of the
bank?
TIN system will direct
you to net-banking facility of your bank. You will have to log on to the net
banking site of your bank using your login ID and password/PIN provided by the
bank. The particulars entered by you at TIN website will be displayed
again.
You will now be
required to enter the amount of tax you intend to pay and also select your bank
account number from where you intend to pay the tax. After verifying
the correctness, you can proceed with confirming the payment.
What will happen after
I confirm the payment of tax at my bank’s site?
Your bank will process
the transaction online by debiting the bank account indicated by you and
generate a printable acknowledgment indicating the Challan Identification
Number (CIN). You can verify the status of the challan in
the “Challan Status Inquiry” at NSDL-TIN website using CIN after a week,
after making payment.
What is the timing for
making payment through internet?
You will have to
check the net-banking webpage of your bank’s website for this information.
Whom should I contact
if the counterfoil containing the CIN is not displayed on completion of the
transaction and if I want duplicate counterfoil?
Your Bank provides
facility for re-generation of electronic challan counterfoil kindly check the Bank
website, if not then you should contact your bank request them for duplicate
challan counterfoil.
If any problem
encountered while entering the financial details at the net-banking webpage of
your bank, then you should contact your bank for assistance.
PAYMENT OF TDS
SUBSEQUENTLY
What is the procedure
for paying the TDS amount into the Bank subsequently, i.e. not immediately
after furnishing the purchase transaction details online?
Using this facility
deductor (Buyer) can furnish the details online and make the payment of taxes
subsequently either through net-banking account or by visiting any of the
authorized bank branches. Following are the steps to avail this facility:
Step 1
a) Log on to NSDL-TIN
website (www.tin-nsdl.com).
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
b) Click on the option “Furnish TDS on property”.
c) Select Form for Payment of TDS on purchase of Property.
Step 2
After selecting the
form you will be directed to the screen for entering certain information.
Example:-
a) Permanent Account
Number (PAN) of Property Purchaser and Seller.
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
b) Address of the Purchaser, Seller as well as the Property being purchased
c) Financial Year during which the Purchase has been made
d) Major Head Code – To indicate the type of tax applicable viz; Tax on companies/Tax on other than companies
e) Value of Property
f) Date of agreement/booking
g) Amount Paid/credited (Transaction amount)
h) Rate of TDS
i) TDS Amount
j) Dates of payment/credit, deduction
k) Select the option for “Payment of taxes immediately”
It is important to
ensure that PAN of Buyer and Seller are correctly mentioned in the form. There
is no online mechanism for subsequent rectification. Deductor will have to
approach the Assessing Officer or CPC-TDS for rectification of errors.
Step 3
After entering all the
above detail, click on PROCEED button. The system will check
the validity of PAN. In case PAN is not available in the database of the Income
Tax Department then you cannot proceed with the payment of tax.
If PAN is available
then TIN system will display the contents you have entered along with the
“Name” appearing in the ITD database with respect the PAN entered by you.
Step 4
You can now verify the
details entered by you. In case you have made a mistake in data entry, click
on “EDIT” to correct the same. If all the detail and name as
per ITD is correct, click on “SUBMIT”button. Nine digit alpha
numeric ACK no. will be generated and you will be provided with an option to
print an Acknowledgment slip.
Please be informed that
the name and status of PAN is as per the ITD PAN Master. You are required to
verify the name before making payment. In case any discrepancy is observed,
please confirm the PAN entered by you. Any change required in the name
displayed as per the PAN Master can be updated by filling up the relevant
change request forms for PAN. If the name is correct, then click on “Confirm”.
Step 5
With the printout of
the Acknowledgment slip, you may visit any of the authorized Bank branches to
make the payment of TDS subsequently. The Bank will make the payment through
its netbanking facility and provide you the Challan counterfoil as
acknowledgment for payment of taxes. Based on the information in the
Acknowledgment slip, the bank will make the payment only through net-banking
facility by visiting tin-nsdl.com and entering the acknowledgement number duly
generated by TIN for the statement already filled by the buyer in respect of
that transaction.
In case you desire to
make the payment through e-tax payment (netbanking account) subsequently, you
may access the link ‘View/Payment of TDS on property” on the TIN website. On
entering the details as per the acknowledgment slip, you will be provided an
option to submit to the bank wherein you have to select the Bank through which
you desire to make the payment. You will be taken to the netbanking login
screen wherein you can make the payment online.
What do I do if I have
misplaced the Acknowledgment slip for payment through the Bank branches?
You may access the
access the link ‘View/Payment of TDS on property” on the TIN website. On
entering the details as per the acknowledgment slip, you will be provided
options to either Print the Acknowledgment Slip.
In case you desire to
make an online payment, on the same screen option for Submit to the bank is
provided wherein you have to select the Bank for payment. You will be taken to
the netbanking login screen wherein you can make the payment online.
Which banks are
Authorised to accept TDS Payment U/s. 194IA?
Authorized Banks:
1. Allahabad Bank
2. Andhra Bank
3. Axis Bank
4. Bank of Baroda
5. Bank of India
6. Bank of Maharashtra
7. Canara Bank
8. Central Bank of India
9. Corporation Bank
10. Dena Bank
11. HDFC Bank
12. ICICI Bank
13. IDBI Bank
14. Indian Bank
15. Indian Overseas Bank
16. Jammu & Kashmir Bank
17. Oriental Bank of Commerce
18. Punjab and Sind Bank
19. Punjab National Bank
20. State Bank of Bikaner & Jaipur
21. State Bank of Hyderabad
22. State Bank of India
23. State Bank of Mysore
24. State Bank of Patiala
25. State Bank of Travancore
26. Syndicate Bank
27. UCO Bank
28. Union Bank of India
29. United Bank of India
30. Vijaya Bank
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