9911796707
TMI BlogSection 195 - TDS on income of non-resident or a foreign company - Sale of Property by NRIX X X X Extracts X X X X X X X X Extracts X X X X ..... the TDS from the payment made to the seller and then depositing the deducted amount with the Income Tax Department. TDS deduction under section 195 Notwithstanding anything contained in section 195(1) and (2), the Board may, by notification in the Official Gazette, specify a class of persons or cases, where the person responsible for paying to a non-resident, not being a company, or to a foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot being a company) or a foreign company, - (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii) the amount of income-tax calculated on long-term capital gains (A) at the rate of 20% for any transfer which takes place before the 23rd day of July, 2024 ; and (B) at the ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from the end of the quarter in which TDS is deducted using TDS Form 27Q . TDS certificate(i.e. Form 16A) is required to be generated after filing TDS return within 15 days from the due date of submission of TDS return. Important Point must be remembered by the NRI seller Attempt to obtain the certificate from the income tax department to calculate the capital gains that would diminish the TDS to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ucted during the finish of the year. If there are two sellers that are co-owners then both of them shall be needed to furnish Form 13 respectively to diminish the TDS cost. Important Point must be remembered by the Buyer Deduct the TDS during the time of every payment and not during the Registration of Property. The concern is that if the late TDS payment is furnished then the interest levied will ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
