Dear Amlan, This is regarding 1 % TDS on purchase of a property from buyer side. My son has purchased a flat in noida jointly with his wife and his mother( my wife) in July 13 with sale consideration of Rs 40.126 lakh and sale agreement executed on 27-07-13 between seller and buyer. 25 Lakh loan gr...
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Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
SITE TESTING
TESTIMONIALS
Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
Research Allowance U/s 10(14)
Taxability of Earned Leave Encashment
Transfer Allowance U/s 10(14)
Transport allowance u/s 10(14)(ii)
Uniform allowance U/s 10(14)(i)
Washing allowance U/s 10(14)(i)
How to show employer NPS in return
Salary (ITR 1)
How to show Bonus in return
How to show salary arrears in return
How to show salary income from Multiple companies
Multiple form 16
ITR 2
How to take Interest TDS credit in ITR 2
ITR 3
ITR 4
ITR 5 (Firms)
ITR 6 (Companies)
Salary mismatch in form 16 and 26 as
TDS mismatch in Form 16 and 26 AS
Return signing capacity
REVISION AND RECTIFICATION
Rectification
Rectification - Tax credit mismatch
Rectification - Taxpayer wanting to correct data
Rectification u/s 154
Return processed but revision needed
Revised Return U/s 139(5)
Time period for filing revised returns
Tax Audit
TAX COMPUTATION
TAX CREDIT
Schedule IT (Taking credit of taxes paid)
ADVANCE TAX
Cases when advance tax exempt
Computation of advance tax
How to fill in challan details for advance tax
How to pay advance tax
Penalties for non payment of advance tax
Self assessment tax
How to fill in challan details for self assessment tax
Status of Booking in 26as
TCS
TDS
Property TDS( U/s 194 IA)
Salary TDS (u/s 192)
TDS Credit
26 AS TDS not prefilling ITR
Deducted TDS not appearing in form 26 as
HOW TO MAKE TAX PAYMENT
How to pay advance tax
How to pay demand tax
How to pay self assessment tax
TDS on income other than salary
Consultancy TDS U/s 194 J (10%)
Contract TDS u/s 194 C (1%)
Interest TDS (U/s 194 A) (10%)
TDS ON NRI PURCHASE
TDS Return filing
Tax payment
Tax site related issues
How to download returns after filing
How to download tax returns
TAXATION OF AOP
TAXATION OF RESIDENTIAL WELFARE ASSOCIATION
TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
Taxation of Fixed deposit
Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
Taxation of SIP
Taxation of NSC
Taxation of Post office interest
Taxation of stipend income
Taxation of Articleship stipend
Taxation of Research Fellowship
TRANSFER PRICING
UTILITY FILING ISSUES
JAVA utility not getting saved
Salary in income schedule less than 90% of salary income in TDS schedule
Unclaimed TDS bought forward and current year TDS separate rows
Indirect taxes
GST
Request
SITE TESTING
TESTIMONIALS
Hi Amlan,
Last year i deducted TDS for Buying a property. In my form 26as it is showing the details for the same. I want to know if i have to show this in ITR2. I am thinking not needed as i am the buyer.
Thanks,
Mukesh Jindal
Last year i deducted TDS for Buying a property. In my form 26as it is showing the details for the same. I want to know if i have to show this in ITR2. I am thinking not needed as i am the buyer.
Thanks,
Mukesh Jindal
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Amlan Dutta
Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despi...Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despite appearing in your tax credit statement if you study carefully you shall see that it shows the seller as deductee who can claim benefit of the deducted TDS and not you.....Think of what happens in salary case and it shall become clear ...you know answering this question brings back memories when i myself had this doubt in the past ...anyways , select category properly next time in order to avoid query getting deleted and also so that video indexing and other answer options work properly
Amlan Dutta
Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despi...Say property price 100 Rs and you paid 99 Rs to the seller deducting 1 Rs TDS ...In this whole process , you are the deductor in this case ....the deductor never gets benefit of deducting TDS ...the deductee(seller) gets benefit of deducted TDS i.e 1 Rs for meeting his tax liability . So, despite appearing in your tax credit statement if you study carefully you shall see that it shows the seller as deductee who can claim benefit of the deducted TDS and not you.....Think of what happens in salary case and it shall become clear ...you know answering this question brings back memories when i myself had this doubt in the past ...anyways , select category properly next time in order to avoid query getting deleted and also so that video indexing and other answer options work properly
- July 20, 2018
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Company Act
Feedback
General
Income tax
ASSESSMENT PROCESS
Processing of returns
E verification
E verify using AADHAR OTP
E verify using Netbanking
How to change AO Jurisdiction
Time period for processing
BASICS OF INCOME TAX
Assessment year
Clarification over income head
Previous year
Residential status
Selection of Return
Return for Salary, Interest
Tax Computation
Who is required to file
Clubbing of income
Common Issues
Difference in salary figures in form 16 and 26 as
Documents to be attached
How to file return of earlier years
How to show investments not considered in form 16
Send acknowledgement after 120 days
Common Mistakes
Not taken credit of paid taxes
Deceased Filing
How to file return for deceased assesse
How to register as legal heir
Deductions
80 C Deduction- Life insurance premium, deferred annuity,.contributions to providend fund, etc
80 CCC- Payment in respect of Pension Fund etc
Deduction benefit of NPS
80CCD(2) - Employer contribution towards NPS
Employee contribution towards NPS
80CCD(1) - Employee contribution towards NPS
Taxation of Sukanya Samridhi scheme
80CCD(1B) - Employee contribution NPS.
80CCG - Investment made under an equity savings scheme
80D - Health Insurance premium
80DD - Expenditure towards medical treatment of dependant
80DD - Dependent person with disability
80DD - Dependent person with severe disability
80DDB - Medical Treatment of specified disease
80 DDB - Senior citizen - Self or dependent
80 DDB - Super Senior citizen - Self or dependent
80DDB - Self or dependent
80E - Interest on loan taken for higher education
80EE - Interest on loan taken for residential House property
80EE Eligibility
80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
80GG - Rent Paid
80GG Eligibility
80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
80TTB - Income on deposits for senior citizens
80U - In case of a person with Disability
80U - Self with disability
80U - Self with severe disability
Defective Returns
How to respond to Defective Notice
Due date for filing returns
e Grievance ( e Nivaran)
Delay in processing of returns
Disallowance of Tax credit in 26 AS.
e Proceedings
Exempt Income
Exempt Earned leave at Retirement
Exempt gift income u/s 56(2)(iv)
Exempt Gratuity Income u/s 10
Exempt HRA U/s 10(13A)
Exempt LIC moneyback u/s 10(10 D)
Exempt LTCG u/s 10(38)
Exempt PF interest
Exempt Recognised PF interest u/s 10 (12)
Exempt Statutory PF interest u/s 10 (11)
Exempt Transport allowance u/s10(14)
Exempt ULIP maturity U/s 10(10 D)
FILING AY 2018 19
Filing Issues
Filing return of earlier previous years
Section 119(2)(b) Delayed filing
Section 92 CD Advance Pricing agreement
HOW TO FILE RETURNS
Belated return
Time period for belated return
Due return U/s 139(1)
Nil Return
Refund Return
Refund for Bank deducted TDS
Refund for LIC Commission
Refund for TDS on professionals
How to fill ITR
How to fill Salary breakup in ITR 1
How to fill salary income in TDS schedule
How to show HRA in ITR 1
INCOME HEAD - BUSINESS PROFESSION
Disallowances for Business Profession
Permissible expenses for Business
Presumptive taxation
44 AD ( Business income)
Preparing Balance sheet
44ADA ( Profession)
How to fill financial particulars of Business/Profession
Profession
Filing return for LIC agent
INCOME HEAD - OTHER SOURCES
Taxability for winnings on lottery
INCOME SCHEDULE - CAPITAL GAINS
Capital Gains exemption
Compulsory land acquisition
RFCTLARR
LTCG Exemption u/s 54
LTCG Exemption u/s 54 EC
Mutual Funds
Debt Mutual Funds
Equity Mutual Funds
Sale of House property
Stocks (delivery)
LTCG on stocks
STCG on Stocks
Taxability of ESOPS
Taxability of Foreign ESOPS
INCOME SCHEDULE - HOUSE PROPERTY
Deduction benefit for House property
Deduction benefit for let out property
Deduction benefit for self occupied house property
Difference in deduction benefit of 24(b) and 80 EE
Home loan interest benefit under 80 EE
How to compute income from house property
Deemed let out property
Income from commercial shop
Income from let out property
Income from Self occupied property
Tax benefit for prepossession loan repayment
How to claim loan benefit during construction(Section 80 EE)
INCOME SCHEDULE - SALARY
Deduction U/s 16
Entertainment Allowance
Standard deduction of 40000 u/s 16(ii)
Tax on Employment
Taxability of Gratuity
Computation of Gratuity
Gratuity during service
Gratuity on resignation
Gratuity on retirement
Late Filing after belated period also over
Notices
Communication of proposed adjustment u/s 143(1)(a)(vi)
Difference in salary income in return and 26 as
Inconsistency between other source income in filed return and 26 as
Agree to demand for communication for proposed adjustment
Revision after agreeing to proposed adjustment
Disagree to demand for communication of proposed income
Compliance notice for Non Filing of Returns
Income above threshold level
Income below threshold level
Demand under section 143(1)a
Intimation Notice under 143(1)a
Reassessment Notice under section 148
NRI Taxation
DTAA
DTAA ( Tax credit method)
DTAA India Australia
DTAA (Credit by Deduction)
DTAA INDIA USA
Tax implication for NRI while buying property
PENALTY
Penalty under section 234 F
Penalty under section 271 F
Rebate and Relief
Arrear Relief under section 89
Form 10 E not submitted online
How to correct form 10 E
How to fill form 10 E
Rebate under section 87 A
Registration
RETURN FILING
Employer category
How to convert return to xml for uploading
ITR 1
Exempt HRA when not shown in Form 16
How to fill nature of income in ITR1 (exempt)
How to show Gift from relative in return(U/s 56(2)
TAXABILITY OF SALARY ALLOWANCES
Border Area allowance U/s 10(14)(ii)
Child Education Allowance U/s 10(14)(ii)
Daily allowance U/s 10(14)
Helper/Assistance Allowance U/s 10(14)
Hostel Expenditure Allowance U/s 10(14)
HRA Allowance U/s 10 (13A)
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Taxability of Earned Leave Encashment
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How to show employer NPS in return
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Hi,
I need one help. Actually I am not much aware about TDS on property. (26 QB)
I brought a under construction property and the registration was done on 23-Apr-2018. My wife is primary Owner and I am secondary owner Now I came to know about TDS thing recently and I have to pay the same. My builder ...Hi,
I need one help. Actually I am not much aware about TDS on property. (26 QB)
I brought a under construction property and the registration was done on 23-Apr-2018. My wife is primary Owner and I am secondary owner Now I came to know about TDS thing recently and I have to pay the same. My builder did not intimate me before ,for the same.
So i want to know if I am delayed on this and will there be any penalty I need to pay.
What is the procedure for the same.
Please help to respond asap. Let me know if any further information required.
Thanks in Advance.
Regards,
Abhishek
I need one help. Actually I am not much aware about TDS on property. (26 QB)
I brought a under construction property and the registration was done on 23-Apr-2018. My wife is primary Owner and I am secondary owner Now I came to know about TDS thing recently and I have to pay the same. My builder ...Hi,
I need one help. Actually I am not much aware about TDS on property. (26 QB)
I brought a under construction property and the registration was done on 23-Apr-2018. My wife is primary Owner and I am secondary owner Now I came to know about TDS thing recently and I have to pay the same. My builder did not intimate me before ,for the same.
So i want to know if I am delayed on this and will there be any penalty I need to pay.
What is the procedure for the same.
Please help to respond asap. Let me know if any further information required.
Thanks in Advance.
Regards,
Abhishek
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Amlan Dutta
Never use words like "respond asap" again ever ...as far as question goes, if value of the property exceeds 50 lakhs , then for every payment that you make you need to deduct 1 % TDS and make payment .....the authority doesn't care whether you have been informed by builder or not ....there are late ...Never use words like "respond asap" again ever ...as far as question goes, if value of the property exceeds 50 lakhs , then for every payment that you make you need to deduct 1 % TDS and make payment .....the authority doesn't care whether you have been informed by builder or not ....there are late fees, interest and penalty for not paying TDS in time ...i cannot write in such small space the figures etc ..you are requested to google , i may put up a video for the same
Amlan Dutta
Never use words like "respond asap" again ever ...as far as question goes, if value of the property exceeds 50 lakhs , then for every payment that you make you need to deduct 1 % TDS and make payment .....the authority doesn't care whether you have been informed by builder or not ....there are late ...Never use words like "respond asap" again ever ...as far as question goes, if value of the property exceeds 50 lakhs , then for every payment that you make you need to deduct 1 % TDS and make payment .....the authority doesn't care whether you have been informed by builder or not ....there are late fees, interest and penalty for not paying TDS in time ...i cannot write in such small space the figures etc ..you are requested to google , i may put up a video for the same
- June 24, 2018
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80D - Health Insurance premium
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80DDB - Medical Treatment of specified disease
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80E - Interest on loan taken for higher education
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80G - (Eligible Amount)- Donations to certain funds, charitable institutions, etc
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80GGA - Certain donations for scintific research or rural development
80GGC - - Donation to political party.
80QQB - Royalty income of authors of certain books
80RRB - Royalty on patents
80TTA - Income from interest on saving banks Accounts
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TDS on income other than salary
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Interest TDS (U/s 194 A) (10%)
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TDS Return filing
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TAXATION OF DIFFERENT INSTRUMENTS
Taxability of Family pension( U/s 57)
Taxability of Futures and Options
Taxability of Interest Income
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Taxability of Life insurance plans
Taxability of Endowment Plans
LIC Jeevan Anand Endowment plan
Taxability of ULIP
SBI Wealth Builder ULIP Plan
Taxability on surrendering of Life insurance
Surrendering of ULIP plans
Taxability of lottery winnings (U/s 115BB)
Taxability of pension
Taxability of PF
Taxability of PF - Withdrawal before 5 years
Taxability of PF - withdrawing after 5years
Taxation of Bitcoin /Cryptocurrencies
Taxation of Mutual Funds
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Taxation of Post office interest
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Taxation of Research Fellowship
TRANSFER PRICING
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JAVA utility not getting saved
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Unclaimed TDS bought forward and current year TDS separate rows
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Request
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Hi Amlan
Thanks for sharing video on 26QB. It helped a lot to understand but still i have some queries. Please help to sort this out.
I am buying a flat. There are two buyers and two sellers. so i think i have to fill 4 26QB form of Equal amount. For example property amount is 1 Cr. so 25 Lacs per ...Hi Amlan
Thanks for sharing video on 26QB. It helped a lot to understand but still i have some queries. Please help to sort this out.
I am buying a flat. There are two buyers and two sellers. so i think i have to fill 4 26QB form of Equal amount. For example property amount is 1 Cr. so 25 Lacs per person against both seller from both buyers.
But I am confused about Date of Payment and Date of Tax deduction.
I have done partial agreement on 25th April 2018 in which i have paid Registration and Stamp duty. So what date i need to mention as "Date of Payment and Date of Tax deduction".
Please help.
Regards
Neeraj Jagg
Thanks for sharing video on 26QB. It helped a lot to understand but still i have some queries. Please help to sort this out.
I am buying a flat. There are two buyers and two sellers. so i think i have to fill 4 26QB form of Equal amount. For example property amount is 1 Cr. so 25 Lacs per ...Hi Amlan
Thanks for sharing video on 26QB. It helped a lot to understand but still i have some queries. Please help to sort this out.
I am buying a flat. There are two buyers and two sellers. so i think i have to fill 4 26QB form of Equal amount. For example property amount is 1 Cr. so 25 Lacs per person against both seller from both buyers.
But I am confused about Date of Payment and Date of Tax deduction.
I have done partial agreement on 25th April 2018 in which i have paid Registration and Stamp duty. So what date i need to mention as "Date of Payment and Date of Tax deduction".
Please help.
Regards
Neeraj Jagg
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Amlan Dutta
Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , wha...Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , what is their respective share in it
Say it is 40 : 60 i.e Mrs Sharma has contributed 40 lakhs and Mr Sharma has contributed 60 lakhs
Now say there are 2 buyers , you (Mr and Mrs Jagga )..Now figure out what proportion yourl are buying the property in , say 50 :50 i.e each contributes 50 lakhs
Now, Mr Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
Likewise , Mrs Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
So, yes four 26QB but in a manner like explained above ...figure out the share and do TDS deduction at the time of credit of payment......
And this TDS deduction under sectio 194 IA does not apply on registration and stamp charges ( that is not paid to seller anyways and goes to the state revenue ) ...rather, it is only on the sale consideration value
So whatever is the sale consideration value , it would be prudent to deduct TDS in advance and generate 16 B and hand it over to seller to avoid any late fee charges ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , wha...Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , what is their respective share in it
Say it is 40 : 60 i.e Mrs Sharma has contributed 40 lakhs and Mr Sharma has contributed 60 lakhs
Now say there are 2 buyers , you (Mr and Mrs Jagga )..Now figure out what proportion yourl are buying the property in , say 50 :50 i.e each contributes 50 lakhs
Now, Mr Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
Likewise , Mrs Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
So, yes four 26QB but in a manner like explained above ...figure out the share and do TDS deduction at the time of credit of payment......
And this TDS deduction under sectio 194 IA does not apply on registration and stamp charges ( that is not paid to seller anyways and goes to the state revenue ) ...rather, it is only on the sale consideration value
So whatever is the sale consideration value , it would be prudent to deduct TDS in advance and generate 16 B and hand it over to seller to avoid any late fee charges ...
Amlan Dutta
Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , wha...Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , what is their respective share in it
Say it is 40 : 60 i.e Mrs Sharma has contributed 40 lakhs and Mr Sharma has contributed 60 lakhs
Now say there are 2 buyers , you (Mr and Mrs Jagga )..Now figure out what proportion yourl are buying the property in , say 50 :50 i.e each contributes 50 lakhs
Now, Mr Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
Likewise , Mrs Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
So, yes four 26QB but in a manner like explained above ...figure out the share and do TDS deduction at the time of credit of payment......
And this TDS deduction under sectio 194 IA does not apply on registration and stamp charges ( that is not paid to seller anyways and goes to the state revenue ) ...rather, it is only on the sale consideration value
So whatever is the sale consideration value , it would be prudent to deduct TDS in advance and generate 16 B and hand it over to seller to avoid any late fee charges ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , wha...Please understand , that the sale consideration will not get distributed uniformly i.e 1cr will not translate to 25 Lakhs just because there are two seller and two buyers ...
First figure out the ownership share ratio i.e say the flat cost is 1 Cr and there are 2 sellers ..say Mr and Mrs Sharma , what is their respective share in it
Say it is 40 : 60 i.e Mrs Sharma has contributed 40 lakhs and Mr Sharma has contributed 60 lakhs
Now say there are 2 buyers , you (Mr and Mrs Jagga )..Now figure out what proportion yourl are buying the property in , say 50 :50 i.e each contributes 50 lakhs
Now, Mr Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
Likewise , Mrs Jagga will do two TDS deductions on his 50 lakhs i ratio 40:60 i.e 2:3
1.) TDS deduction for Mrs Sharma 1% on 20 lakhs....(2/5 x50 lakhs = 20 lakhs )..
2.) TDS Deduction for Mr Sharma 1 % on 30 lakhs ..... (3/5 x 50 lakhs = 30 lakhs)
So, yes four 26QB but in a manner like explained above ...figure out the share and do TDS deduction at the time of credit of payment......
And this TDS deduction under sectio 194 IA does not apply on registration and stamp charges ( that is not paid to seller anyways and goes to the state revenue ) ...rather, it is only on the sale consideration value
So whatever is the sale consideration value , it would be prudent to deduct TDS in advance and generate 16 B and hand it over to seller to avoid any late fee charges ...
- May 3, 2018
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In short, higher of the stamp valuation or the sale deed value has to be considered
A new section 50C has been inserted from AY 2003-2004 the same is reproduced herein.
The value of the Stamp Authorities if higher then actual consideration will be deemed as Sale proceeds. Ho...