Sector 65 in Gurgaon is a well-planned residential and commercial sector that falls under the jurisdiction of the Haryana Urban Development Authority (HUDA). Here are some key features and aspects of Sector 65: Location: Sector 65 is strategically located near Golf Course Extension Road, which is one of the rapidly developing areas in Gurgaon. It …
TDS on rent payment is applicable under Section 194I of the Income Tax Act in India. Here are the key points regarding TDS on rent payment: Threshold Limit: TDS on rent payment is applicable if the total rent paid or payable during the financial year exceeds Rs. 2,40,000. Rate of TDS: The rate of TDS …
TDS stands for Tax Deducted at Source. It is a mechanism for collecting income tax in India, governed by the Income Tax Act, 1961. Under TDS, a certain percentage of tax is deducted by the payer at the time of making specified payments such as salary, commission, rent, interest, etc. The deducted amount is then …
When the seller of a property is a Non-Resident Indian (NRI), the buyer is required to deduct TDS (Tax Deducted at Source) at the time of making the payment for the property purchase. Here’s how TDS deduction works in the case of a property transaction involving an NRI seller: Applicability of TDS: TDS is applicable …
The non-deduction of TDS on the purchase of property can lead to various consequences for both the buyer and the seller. Here are some potential repercussions: Penalties and Interest: The Income Tax Act mandates TDS (Tax Deducted at Source) deduction on certain transactions, including the purchase of property. If TDS is not deducted as required, …
Consequences of non deduction of TDS on Purchase of Property Read More »
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