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TDS ON PROPERTY Section no Description Cut off Normal Rate of TDS Reduced Rate From 14 May 2020 to 31 Mar 2021) 194 M Payment to resident contractors and professionals 50 Lakh 5% 3.75% As Per Section 194M Examples: Payment TDS Applicable/No TDS 4500000 5000000 5200000 NO TDS NO TDS TDS Applicable On whole Amount 5200000 If Payment made of more than 50 lacs to Resident Contractors and Professionals , TDS Deducted @ 5% on Payment Amount Rate Reduced to 3.75% from 14 May 2020 to 31 Mar 2021 teachoo.com Example Who is Deductor B Who is Deductee A Who will deposit TDS B Who will give TDS certificate to whom B to A Does B require to apply tan number? No Suppose B receives a bill of Advertisement charges for Rs. 6000000 on 15 April B will Deduct 5% TDS 5% OF 6 0 Lacs=3 Lacs B will Pay A 57 lacs A B PROPERTY 60 Lacs CHEQUE 57 lacs TDS Deposit 3 lacs teachoo.com Example Form 26QD (Common Challan cum Return) What is Due Date of Filling Form What is TDS Certificate form to be Given Form 16D What is Due Date of Giving TDS Certificate Suppose B receives a bill of advertisement charges for Rs. 6000000 on 15 April B will Deduct 5% TDS B will Pay A 57 lacs Suppose Bill Date is 5 April DATE OF BILL DATE OF RETURN DATE OF CERTIFICATE FORM 26QB FORM 16B 05 Apr 30 May (30 Days from End of Month) 14 Jun (15 Days from Return Due Date) A B Advertisement 60 Lacs CHEQUE 57 lacs TDS Deposit 3 lacs What is TDS Challan and Return Form to be filled by B? Form 26Q (Common Challan cum Return) (30 days from the end of the month in which TDS was deducted)) Form 16 Within 15 days from Return Filing Due Date PAYMENT MADE FOR PERSONAL PURPOSE BUSINESS PURPORSE Company Partnership Proprietorship Section 194J Cutoff 30000 p.a. Last Year Last Year Audit Case No Audit Case Section194M Cutoff 50 Lacs p.a Section 194M Cutoff 50 Lacs p.a or Section 194C Cut off 30000 one time Or 100000 p.a. Section 194J Cutoff 30000 p.a. or Section 194C Cut off 30000 one time Or 100000 p.a. Section 194J Cutoff 30000 p.a. or Section 194C Cut off 30000 one time Or 100000 p.a. Section 194M Example: Question Person Receives a bill of Contractor for Rs. 5200000 TDS is Deducted under Section 194M as the payment exceeds Rs 5000000 TDS Rate = 5% TDS to be deducted = Rs. 5200000*5% = 260000 Net amount to be paid =Rs. 5200000 260000 = 4940000 teachoo.com

About the Author

CA Maninder Singh's photo - Expert in Practical Accounts, Taxation and Efiling
CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 10 years. He also provides Accounts Tax GST Training in Delhi and Pune.