Hey Friend,
Tax Deduction and Collection Account Identifier, or TAN, is a ten-digit alphanumeric number that must be obtained by anyone in charge of withholding or collecting tax at the source. Often people wonder, is tan required for TDS on property? It is imperative for them to know that TAN must be referenced in all required papers, including TDS/TCS returns (including any e-TDS/TCS returns), TDS/TCS payment challans, TDS/TCS certificates, Annual Information Returns, and other documents that may be deemed necessary.
Avail NoBroker’s Legal Services to verify the property documents Why is it necessary to have TAN no for TDS on property sale?Every person that withholds or collects tax at source is required to apply for the allocation of a TAN under section 203A of the Income-tax Act of 1961. Additionally, TDS/TCS returns (including any electronic TDS/TCS returns), TDS/TCS payment challans, TDS/TCS certificates, and other papers as may be prescribed must all contain the TAN. According to section 272BB, there is a Rs. 10,000 fine for failing to apply for a TAN number for TDS on property or failing to include the TAN in the required paperwork.
Is TAN necessary for TDS on NRI-owned property?In accordance with Section 195 of the Income-tax Act of 1961 (ITA), you must deduct tax (TDS) if you buy a property from a Non-Resident Indian (NRI). You must legally obtain a Tax Deduction and Collection Account Number (TAN No.) if you are purchasing real estate from an NRI in order to deduct TDS.
I hope this answer suffices your query, Is TAN required for TDS on property? I hope this helps:)
Read More:
How to Check TDS Amount by PAN Card? How to Correct TDS Challan Details Online? How to Know TAN Number?
Is TAN Required For TDS On Property?
Tanisha
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2022-11-21T20:41:07+00:00 2022-11-21T20:41:09+00:00Comment
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