Effective date 01/06/2013 What to do Deduct tax @1% When While making payment of consideration to seller of property Which Property An immovable property the total consideration for which exceeds Rs.50,00,000/- (Rupees Fifty Lakhs) Exemption No TDS while dealing in RURAL Agricultural Land Person Selling prop. Must be a Resident Person Purchasing Can be any person PROCEDURE TO BE FOLLOWED Compliance of Rule/ Section Procedure Sec 194 I A At the time of payment (full or part payment) ,or crediting the amount to the account of seller whichever is earlier deduct tax @ 1% Rule 30 (2A) Rule 30 (6A) Rule 31A (4A) · Person purchasing property · To pay TDS, within seven days from · ...
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