How to make fee of TDS on sale of assets

TDS desires to be paid on the quantity paid/payable to the vendor/ seller. The consumer can make the payment usage of the e-tax payment option.

The purchaser of an immovable asset (whether or not built up or under creation) of value Rs 50 lakh or extra has the obligation below the earnings Tax Act to pay withholding tax of 1% from the sale consideration payable to the seller of the property. This withholding tax must be deducted at supply and deposited in the authorities’ account as according to the profits tax legal guidelines.

PAN of the client and the vendor is obligatory to make e-payment of TDS on sale of property. but, the TAN (Tax Deduction Account quantity) is not required to make this payment.

Due date: The due date of payment of TDS on transfer of immovable asssets is 30 days from end of the month wherein the deduction is made.

Prerequisites: PAN of the consumer and the seller is obligatory to make e-charge of TDS on sale of property. The TAN (Tax Deduction Account Number) isn't required to make this price.

Hyperlink: TDS charge can be made by way of the consumer on the subsequent hyperlink: https://onlineservices.tin. egov-nsdl.com/etaxnew/tdsnontds.jsp

Form 26QB: To make an internet charge of tax from the e-tax fee option, the consumer is required to fi ll a web shape, 26QB. PAN of the purchaser and seller, details of the belongings, general consideration payable, and payment information ought to be provided.

Charge: TDS needs to be paid on the amount paid/payable to the seller. The buyer can make the payment the use of the e-tax charge option. The tax fee may be made through internet banking portal or by journeying accepted bank branches. once the charge is made, an acknowledgement variety is generated. On coming into the acknowledgment information at a later date, you will generate the submitted shape 26QB for facts.

Form 16B: as soon as tax price is made, form 16B (TDS certificate to be issued via the consumer to the seller) may be downloaded from the internet site of Centralised Processing cellular of TDS (CPC-TDS) at www.tdscpc.gov.in

points to be aware
1. If the property transaction has a couple of celebration as a customer or dealer, form 26QB needs to be crammed by every consumer for precise buyer-dealer aggregate.