hi what are the charges for TDS for property
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Wondering how to pay 1% TDS on property purchase online. Paying the 1% TDS on property purchases in India is a mandatory requirement for buyers if the transaction value exceeds Rs. 50 lakh.
How to Pay 1% TDS on Property Purchase Online?
Here is a step-by-step guide to help you pay TDS online seamlessly:
Go to the official TIN NSDL website:
TIN NSDL
. Under the ‘Services’ section, select ‘e-Payment: Pay Taxes Online’. Click on ‘TDS on Property (Form 26QB)’ to proceed.
Enter details of both the buyer and the seller, including PAN, full name, and address. Fill in the complete address of the property. Provide details like the total consideration of the property, date of agreement/sale, and payment type (installment or lump sum).
The system will auto-calculate the TDS amount as 1% of the total property value. Choose the payment mode – Net Banking or e-Payment of Taxes via Bank. If opting for Net Banking, you’ll be redirected to your bank’s portal to complete the transaction.
For e-Payment via Bank, generate a challan and visit the bank to complete the payment. After successful payment, an acknowledgment number and Form 26QB will be generated. Save and print this acknowledgment for your records.
The buyer needs to download Form 16B (TDS Certificate) from the TRACES website. Register and log in to the
TRACES website
. Enter the acknowledgment number and download Form 16B. Provide the seller with a copy of Form 16B as proof of TDS deduction.
Both buyer and seller must have valid PANs. The TDS must be paid within 30 days from the end of the month in which the deduction is made. Failure to deduct and pay TDS on property purchase can result in penalties and interest charges.
By following the
se steps, buyers can ensure compliance with the TDS requirements on property purchases in India, thus avoiding legal and financial penalties.
This is all about how to pay 1% TDS on property purchase online.
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How to Pay 1% TDS on Property Purchase Online?
Pragati
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10 months
2024-07-12T08:31:23+00:00 2024-07-15T12:22:58+00:00Comment
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