CBDT Vide notification no. 30/2016 dated 29-04-2016 has amended Sub-rule (2A) of Rule 30 to permanently revise/extend the due date for Tax Deducted at Source under section 194IA on payment on transfer of immovable properties other than agriculture property.
The due date for payment of tax deducted has been extended to thirty days (from existing seven days) from the end of the month in which the deduction is made.
Under section 194IA of the Income Tax Act, 1961, any person being transferee (including a purchaser) who is responsible to pay to a resident transferor any consideration for the said transfer (sale) of any immovable property (except agricultural land) is required to deducted TDS @ one percent before making payment/credit of the said consideration.
The new revised due dates are applicable from 1st June, 2016
Assessee cannot be granted immunity from prosecution u/s 276B for late deposit of TDS merely because ultimately TDS was deposited…
Section 44C applies to exclusive expenditure on head office for the Indian branches incurred by non resident assessee’s. In a…
Compensation under motor vehicle Act to parents of child died attract a less multiplier than from that of a claim…
Extension of time limit for furnishing GSTR 3B under Delhi GST Act 2017 Department of Trade and Taxes(Policy and Research…
Acceptance of Audit Fee only through digital modes or banking channels from 01.04.2026 – ICAI revises Code of Ethics In…
High Court sets aside demand notices in respect of a period, for which the assessee had discharged tax liability under…