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, …
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Depositing TDS (Tax Deducted at Source) on the purchase of property involves certain steps to ensure compliance with tax regulations in India. Here’s a step-by-step guide on how to deposit TDS on the purchase of property: Determine Applicability of TDS: TDS is applicable on the purchase of immovable property if the transaction value exceeds Rs. …
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TDS on Purchase of Immovable Property TDS (Tax Deducted at Source) is applicable on the purchase of property. In the context of property transactions in India, TDS is primarily governed by Section 194-IA of the Income Tax Act, 1961. Here are the key points to understand about TDS on the purchase of property in India: …
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