VMVSR 09390221100

1
vmvsr@rediffmail.com http://vmvsraoco.icai.org.in/


NOTE ON
TDS ON IMMOVABLE PROPERTY
(NEW RULES & FORMS NOTIFIED)

As per Section 194IA every buyer at the time of making
payment or crediting of any sum as consideration for
transfer of immovable property other than agricultural land
shall deduct tax at source @ 1% of such amount where the
total consideration for the transfer of the immovable
property is Rs.50 lakhs or more.

This provision has come into force from 1
st
June,2013 and
accordingly all transactions on or after 1
st
June,2013, where
the consideration is not less than Rs.50 lakhs shall be
covered by TDS.

TDS deducted under section 194IA shall be paid to the credit
of the Central Government within a period of 7 days from
the end of the month in which the deduction is made.

TDS under section 194IA is to be deposited on Chllan Cum
Statement on Form 26QB.

Online Payment of TDS is mandatory. Online payment
challan is available in TIN NSDL Website.

TDS certificate must be issued to deductee (buyer) in Form
16B within 15 days from due date of deposit.

TDS Certificate must be downloaded from online TDSCPC
website.

VMVSR 09390221100

2
vmvsr@rediffmail.com http://vmvsraoco.icai.org.in/

Both Transferee (Buyer) and Transferor (Seller) must have
PAN.

Transferee (Buyer) need not required to hold/obtain TAN for
e payment of TDS.

Quarterly Return in Form 24Q has been substituted with new
return form.



Regards,

CA. V.M.V.S.RAO















Date: 04/06/2013

INCOME-TAX (FIFTH AMENDMENT) RULES, 2013 - AMENDMENT IN RULES 30,
31 & 31A AND INSERTION OF FORM NOS. 16B & 26QB AND SUBSTITUTION OF
FORM N0. 24Q
NOTIFICATION NO. 39/2013 [F.NO.133/23/2013-SO(TPL)(Pt.)]/SO 1404(E), DATED 31-5-2013
In exercise oI the powers conIerred by section 295 oI the Income-tax Act, 1961 (43 oI 196|),
the Central Board oI Direct Taxes hereby makes the Iollowing rules Iurther to amend the
Income-tax Rules, 1962, namely:
(1) These rules may be called the Income-tax (FiIth Amendment) Rules, 2013.
(2) They shall come into Iorce on the date oI their publication in the OIIicial Gazette.
In the Income-tax Rules, 1962, (hereinaIter reIerred to as the said rules) in rule 30,
(D) aIter sub-rule (2), the Iollowing sub-rule shall be inserted, namely:
"(2A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum
deducted under section 194-IA shall be paid to the credit oI the Central Government
within a period oI seven days Irom the end oI the month in which the deduction is
made and shall be accompanied by a challan-FXP-statement in Form No. 26QB.";
(E) aIter sub-rule (6), the Iollowing sub-rule shall be inserted, namely:
"(6A) Where tax deducted is to be deposited accompanied by a challan-
FXP-statement in Form No. 26QB, the amount oI tax so deducted shall be deposited
to the credit oI the Central Government by remitting it electronically within the time
speciIied in sub-rule (2A) into the Reserve Bank oI India or the State Bank oI India
or any authorised bank.";
(F) aIter sub-rule (7), the Iollowing sub-rules shall be inserted, namely:-
"(7A) The Director General oI Income-tax (Systems) shall speciIy the procedure,
Iormats and standards Ior the purposes oI remitting the amount electronically to the
Reserve Bank oI India or the State Bank oI India or any authorised bank and shall
be responsible Ior the day-to-day administration in relation to the remitting oI the
amount electronically in the manner so speciIied.";
In rule 31 oI the said rules,
(D) aIter sub-rule (3), the Iollowing sub-rule shall be inserted, namely:
"(3A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule
(3), every person responsible Ior deduction oI tax under section 194-IA shall Iurnish
the certiIicate oI deduction oI tax at source in Form No. 16B to the payee within
IiIteen days Irom the due date Ior Iurnishing the challan-FXP-statement in Form No.
26QB under rule 31A aIter generating and downloading the same Irom the web
portal speciIied by the Director General oI Income-tax (System) or the person
authorised by him.";
(E) aIter sub-rule (6), the Iollowing sub-rule shall be inserted, namely:
"(6A) The Director General oI Income-tax (Systems) shall speciIy the procedure,
Iormats and standards Ior the purposes oI generation and download oI certiIicates
and shall be responsible Ior the day-to-day administration in relation to the

www.taxmann.com http://www.taxmann.com/Iileopen.aspx?PageCIRNO&id10401000000...
1 oI 2 6/4/2013 12:47 PM
generation and download oI certiIicates Irom the web portal speciIied by him or the
person authorised by him.";
In rule 31A oI the said rules, aIter sub-rule (4), the Iollowing sub-rule shall be inserted,
namely:
"(4A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or
sub-rule (4), every person responsible Ior deduction oI tax under section 194-IA shall
Iurnish to the Director General oI Income-tax (System) or the person authorised by the
Director General oI Income-tax (System) a challan-FXP-statement in Form No.26QB
electronically in accordance with the procedures, Iormats and standards speciIied under
sub-rule (5) within seven days Irom the end oI the month in which the deduction is made.";
In Appendix-II oI the said rules,
(D) aIter Form No. 16AA, the Iollowing Form shall be inserted, namely:
FORM NO. 16B
(E) Irom Form No. 24Q, the Iollowing Form shall be substituted namely:
FORM NO. 24Q
(F) aIter Form No. 26QAA, the Iollowing Form shall be inserted, namely:
FORM NO. 26QB

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2 oI 2 6/4/2013 12:47 PM
&KZDEK
|See rule 31(3A)|
Certificate under section 203 of the Income-tax Act, 1961 for tax deducted at source
Certificate No. Last updated on
Name and address of the Deductor
(Transferee/Payer/Buyer)
Name and address of the Deductee
(Transferor/Payee/Seller)
PAN of the Deductor PAN of the Deductee Financial Year of deduction
Summary of Transaction (s)
S. No. Unique Acknowledgement
Number
Amount Paid/Credited Date of payment/credit
(dd/mm/yyyy)
Amount of tax deducted and
deposited in respect of the
deductee

Total (Rs.)
DETAILS OF TAX DEPOSITED TO THE CREDIT OF THE CENTRAL GOVERNMENT FOR WHICH CREDIT IS TO BE GIVEN TO THE
DEDUCTEE
Challan Identification number (CIN)
S. No.
Amount of tax deposited in respect of
deductee
(Rs.)
BSR Code of the
Bank Branch
Date on which tax
deposited (dd/mm/yyyy)
Challan Serial
Number
1.

2.

Total (Rs.)
Verification
I,......., son/daughter of ..... in the capacity of ... (designation) do hereby certify that a sum of (Z.) ...... Rs. .....(in
words)] has been deducted and deposited to the credit of the Central Government. I further certify that the information given above is true, complete
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Date Full Name:;

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~Form No.26QB
6HHsection 194-IA, rule 30 and rule 31A]
Challan -cum - statement of deduction of tax under section 194-IA
Financial Year
- Major Head Code` Minor Head Code`
Permanent Account Number (PAN) of Transferee/ Payer/ Buyer
Category of PAN`
Status of PAN`
Full Name of Transferee/ Payer/ Buyer`

Complete Address of Transferee/Payer/Buyer


PIN
Mobile No. Email ID
Whether more than one transferee/payer/buyer (Yes/No)
Permanent Account Number (PAN) of Transferor/ Payee/ Seller
Category of PAN`
Status of PAN`
Full Name of Transferor/ Payee/ Seller

Complete Address of Transferor/Payee/Seller


PIN
Mobile No. Email ID
Whether more than one transferor/payee/seller (Yes/No)
Complete Address of Property transferred


PIN
Date of Agreement
/Booking``

Total Value of Consideration
(Amount in Rs.)
Payment in installment or
lump-sum
Amount Paid/Credited (in Rs.)
Date of
payment/credit``
Rate at which
deducted
Amount of tax
deducted at source
Date of Deduction``

Date of Deposit``

Mode of payment

FSimultaneous e-tax payment

Fe-tax payment on subsequent date
Details of Payment of Tax Deducted at Source (Amount in Rs.)
TDS (Income Tax)(Credit of tax to the deductee shall be given for this amount)

Interest

Fee

Total payment

Total Payment in Words (in Rs.)
Crores Lakhs Thousands Hundreds Tens Units

Unique Acknowledgement no. (generated by TIN)
* To be updated automatically
** In dd/mm/yyyy Iormat..