TDS on sale of property Log on to NSDL-TIN website ( ) . Steps to pay tax online • Under TDS...
20
eTutorial – TDS on sale of property June 1, 2013 NSDL e-Governance Infrastructure Limited Tax Information Network of Income Tax Department (managed by NSDL) www.taxguru.in
Transcript of TDS on sale of property Log on to NSDL-TIN website ( ) . Steps to pay tax online • Under TDS...
eTutorial –TDS on sale of property
June 1, 2013
NSDL e-Governance Infrastructure Limited
Tax Information Network of Income TaxDepartment (managed by NSDL)
www.taxguru.in
TDS on property
• As per Finance Bill of 2013, TDS is applicable on saleof immoveable property wherein the saleconsideration of the property exceeds or is equal toRs 50,00,000 (Rupees Fifty Lakhs).
• Sec 194 IA of the Income Tax Act, 1961 states thatfor all transactions with effect from June 1, 2013, Tax@ 1% should be deducted by the purchaser of theproperty at the time of making payment of saleconsideration.
www.taxguru.in
Payment of Tax
Tax so deducted should be deposited to theGovernment Account through any of theauthorized bank branches using the e-Taxpayment option available at NSDL
www.taxguru.in
E-payment
• E-Payment facilitates payment of taxes online bytaxpayers.
Pre-requisite
– To have a net-banking account with any of the AuthorizedBanks
– For list of authorized banks, please referhttps://onlineservices.tin.nsdl.com/etaxnew/Authorizedbanks.html
www.taxguru.in
Steps to pay tax online
• Log on to NSDL-TIN website (www.tin-nsdl.com)
www.taxguru.in
Steps to pay tax online• Under TDS on sale of property, click on the
option “Online form for furnishing TDS onproperty”
Click on the option “TDS on sale ofproperty’
Under TDS on sale of property, Click onthe option ‘Online form for furnishingTDS on property’
www.taxguru.in
• Select Form for Payment of TDS on purchaseof Property
Steps to pay tax online
Click on the option “TDS on sale ofproperty’
www.taxguru.in
Steps to pay tax online
Select Financial Year from the drop downfor which payment is to be done
Select Tax applicable for which paymentis to be done
Mention PAN ofTransferee/Buyer
Mention PAN ofTransferor/Seller
Re-enter PAN ofTransferee/Buyer
Re-enter PAN ofTransferor/Seller
www.taxguru.in
Steps to pay tax online
Provide Complete addressTransferee/Buyer
Provide Complete addressTransferor/Seller
www.taxguru.in
Steps to pay tax online
Provide Complete address ofProperty transferred
Mention the date ofAgreement/Booking of property
Mention the Total value ofconsideration (Property Value)
Mention if the above payment is donein Lump sum or in Installments
www.taxguru.in
Steps to pay tax online
Please select the amountpaid/credited (Enter the amount paidto the Transferor/Seller)
Please enter the amountpaid/credited (Enter the amount paidto the Transferor/Seller)
Please enter the TDS rate (Tax rate atwhich the TDS was deducted by thepurchaser at the time of purchase ofthe property)
Please enter the TDS amount to bepaid (amount deducted by thepurchaser at the time of purchase ofthe property)
www.taxguru.in
Example
Amount entered here should matchthe Amount selected from the dropdown list above
TDS amount should be as per the TDSrate provided above. User will not beable to proceed in case of mismatchin the TDS amount
www.taxguru.in
Steps to pay tax online
Please select the mode of payment ofTax
Please select the Bank through whichpayment is to be made
Please select the date ofpayment/credit to theTransferor/Seller
Please select the date of taxdeduction
Please enter the characters seen inthe above picture.
After entering all the above requireddetail please click on PROCEED buttonto continue. To Clear all the details mentioned in
the above form, please click on ClearForm
To go to the homepage, please clickon Home
www.taxguru.in
• On proceed, confirmation page is displayed toverify the details entered
Steps to pay tax online
www.taxguru.in
Steps to pay tax online
If all the above detail including thename displayed (as per ITD) is correctthen, click on “SUBMIT” button
In case you have made a mistake indata entry, click on “EDIT” to correctthe same.
www.taxguru.in
• On confirmation, nine digit alpha numericAcknowledgment number would begenerated
9 digit Acknowledgment Number
Steps to pay tax online
www.taxguru.in
Steps to pay tax online
To do the required TDS payment,please click on ‘Submit to the Bank’button
www.taxguru.in
• On clicking on Submit to the Bank, deductor will have to loginto the net-banking site with the user ID/ password providedby the bank for net-banking purpose.
• On successful login, enter payment details at the bank site.
• On successful payment a challan counterfoil will be displayedcontaining CIN, payment details and bank name throughwhich e-payment has been made. This counterfoil is proof ofpayment being made.
Steps to pay tax online
www.taxguru.in
Points to remember• Deduct tax @ 1% from the sale consideration.
• PAN of Seller as well as Purchaser should be mandatorilyfurnished in the online Form for furnishing informationregarding the sale transaction.
• Do not commit any error in quoting the PAN or otherdetails in the online Form as there is no online mechanismfor rectification of errors. For the purpose of rectificationyou are required to contact Income Tax Department.
• While completing the Online form, please note thefollowing points:-
– Fields marked with * are mandatory– Do not enter double quotes (“ ") in any of the fields.
www.taxguru.in
Thank You
In case of any further queries/concerns please contactour TIN Call Center at 020-27218080 or email us at
20Tax Information Network of Income TaxDepartment (managed by NSDL)
www.taxguru.in
