A Guide to section 194-IA, Form 26QB and Form 16B

194IA-Header

Since the new rule popped up, and its applicability was dated from 1st June 2013, there was a confusion regarding the depositing the tax and claim of such tax deposited. Whether the deductor would have to apply for a TAN and how and when the tax is to be deposited?

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Notification no. 39/2013 dated 31.05.2013 [on sec 194IA]

After all the confusion regarding deducting of tax at the rate 1% on the payment of consideration for an immovable property (other than an agricultural land) government has finally comes up with a notification giving out all clarifications required for such a transaction.

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