#how to pay tds on sale of property

[cadeveshthakur]

TDS on sale of Property| Payments to builder in Installments| Pay TDS on property purchase

Dear Viewers, In this video, we have discussed the TDS provisions related to the sale of Property in the case of residents and non-residents as per section 194-IA of the Income-tax Act 1961. As per section 194-IA purchaser of the land or building has to file online form 26QB statement cum challan whereby the buyer is required to deduct TDS @1%. The viewer can find detailed information regarding the filing of online Form 26QB in case of the purchase of property above the threshold limit of Rs. 50 Lakh during the relevant financial year where the seller is a Resident and payment of property is paid in Instalments. In this video, we have considered a case of Late payment of TDS, Interest u/s 234E, and payments made in Instalments. Section 194-IA deals with TDS on the sale of property in case of a resident, TDS on the sale of property by NRI, TDS on the purchase of property from NRI, TDS on the sale of immovable property, form 16b, form 26qb, how to claim TDS on sale of property, how to file online form 26QB. In our previous video, we considered the Lumpsum payment for filing Form 26QB. The viewer can reach out to us at cadeveshthakur@gmail.com We would love to have your feedback. Please spare a minute to post a review of our profile. https://g.page/r/Cd6ZCkCWVF2LEAI/review

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[donmihalik]

Are Florida home prices falling?

If you are considering purchasing a property in Florida, you may be wondering if the housing market is on the right track. We will look at the present situation of the market as well as some of the hazards associated with this post. We will also compare the current Florida home market to markets in other states.

If you're looking for a cheap area to live in, Florida has one of the greatest housing markets. It provides affordable housing and low mortgage rates. However, there are certain drawbacks to living in Florida.

The home market in Florida has recently cooled. While it is currently in better form than during the previous property market catastrophe, it is not yet at its peak. Home price increases are moderating, and housing supply is beginning to fall behind demand. This has resulted in a supply gap, which will almost certainly continue to drive up property prices.

A number of reasons are contributing to the decline of Florida's housing market. Aside from the continued affordability issue, the real estate market is also being impacted by decreasing job growth and higher interest rate hikes.

More properties are being listed for sale, but fewer are selling. This is excellent news for purchasers, but it may increase market competition. A six-month supply of homes is considered balanced in a regular market.

Many people are relocating to Florida to escape the harsh winters. They are choosing between the new building and resale houses.

However, due to the high cost of establishing a home in the state, there is a scarcity of cheap apartments. The shortfall has made it difficult for Florida to meet people's expectations.

The question of whether the Florida housing market is in a boom or bust stage remains unanswered. There are numerous aspects that influence how a market performs. The labor market is the most significant consideration. The job market in Florida is generally solid, with a 2.7% unemployment rate. Its economy is growing at a moderate pace and is predicted to remain largely stable.

The rise in mortgage rates is another factor leading to the downturn of the Florida home market. As a result, fewer prospective house buyers can afford the properties they want.

Over the last five years, home prices in Florida have increased by 80%. They are, however, not as high as they were during the Great Recession. Nonetheless, some locations are seeing significant price drops.

Among other indicators, the number of foreclosures is increasing, investment returns are decreasing, and mortgage rates are rising. Fortunately, the job market remains stronger than it was during the previous home market meltdown.

However, the housing market's affordability index is deviating from its long-term trend. The amount of new listings has recently decreased. When combined with a wider range of foreclosures, this means that more prospective homebuyers don't see homeownership as a viable option under current conditions.

The Florida real estate market is dynamic. Many Sunshine State homeowners are anxious about the value of their homes. Some people have already begun to make efforts to lower their mortgage burden. However, if you want to own a home, you should be prepared to pay higher interest rates.

Florida's economy is broad, and the state is a favorite retirement and real estate investment destination. Home prices have been rising. However, new housing construction has lagged behind population growth.

This is a nationwide trend, and Florida is no exception. According to a new TD Economics estimate, property prices in Florida will fall by 10 to 15% by 2023. While this is not a full-fledged downturn, it may have an impact on the Florida home market prediction.

The state's unemployment rate is forecast to fall, and the labor market is not as depressed as it was during the Great Recession. These variables should preserve Florida's home market from collapsing completely.

Home prices continue to rise, but at a slower rate than in the early 2000s. Housing affordability has fallen to its lowest level since mid-2006.

Single-family home inventories in Florida were at a 2.5-month supply in September. This is an improvement over the three months preceding the previous housing market crisis.

[cloudmuneem]

Understanding TDS on Property Purchase: A Comprehensive Guide

Purchasing property is a significant financial decision, often involving a range of legal and tax obligations. One of the critical aspects of property transactions in India is Tax Deducted at Source (TDS), a tax mechanism implemented to ensure proper tax collection at the time of purchase. Understanding TDS on property purchases is crucial for compliance and for avoiding future legal complications. This guide provides a comprehensive overview of TDS on property transactions, including eligibility, rates, payment procedures, and the implications of non-compliance.

What is TDS on Property Purchase?

In India, TDS on property purchase refers to the tax that buyers must deduct from the amount paid to the seller when purchasing an immovable property (land, building, or part of a building) that costs more than INR 50 lakh. This requirement was introduced under Section 194-IA of the Income Tax Act, 1961, with the aim of regulating property transactions and ensuring that sellers report their earnings accurately.

Who is Liable to Deduct TDS?

The responsibility to deduct TDS lies solely with the buyer, not the seller. Whether the buyer is a resident or non-resident, and regardless of whether they are purchasing the property for personal use or as an investment, a TDS deduction applies if the property value exceeds INR 50 lakh.

TDS Rate on Property Purchase

The standard TDS rate on property purchases is 1% of the total property value if the seller is an Indian resident. However, if the seller is a non-resident Indian (NRI), the TDS rate increases to 20% due to the additional capital gains tax applicable for NRIs. In the case of NRIs, the TDS is deducted from the sale proceeds after accounting for the capital gains tax, which depends on the period the seller held the property.

How to Calculate TDS on Property Purchase

To calculate TDS, consider the total sale price agreed upon with the seller. For example, if the property value is INR 70 lakh, the buyer should deduct 1% of INR 70 lakh (i.e., INR 70,000) and pay the remaining INR 69,30,000 to the seller. If the seller is an NRI, the buyer needs to deduct TDS at 20%, adjusting for any surcharge or applicable cess.

Procedure for Deducting and Paying TDS

Here's a step-by-step breakdown of the procedure for deducting and paying TDS:

Obtain the Seller's PAN: Ensure that the seller's PAN is available, as it is necessary for TDS payments and form filing.

Calculate TDS Amount: Calculate 1% of the total property value for Indian residents or 20% for NRI sellers.

Fill out Form 26QB: Form 26QB is the official form for TDS on property purchases, accessible via the TIN-NSDL website.

Make Payment: You can pay the TDS online or at an authorized bank branch using the challan generated from Form 26QB.

Issue TDS Certificate (Form 16B): After payment, download Form 16B, a TDS certificate, from the TRACES website and issue it to the seller within 15 days of the TDS payment date.

Timeline for TDS Payment and Filing:

Buyers must pay the TDS within 30 days of the end of the month in which the deduction was made. Failure to comply with this timeline can result in penalties and interest charges.

TDS on Property Purchase from NRIs:

For property purchases involving NRI sellers, the TDS process is slightly different due to the additional capital gains tax implications. Buyers need to calculate the tax based on the sale consideration after adjusting for any applicable deductions. It is advisable to consult a tax professional in such cases to avoid errors and ensure compliance with tax regulations.

Penalties for Non-Compliance:

Non-compliance with TDS requirements on property purchases can lead to penalties, such as interest charges and fines. If the buyer fails to deduct TDS, they may be liable for a penalty equal to the TDS amount. Furthermore, delayed payments may incur interest charges at a rate of 1.5% per month until the full payment is made.

Conclusion

Understanding and complying with TDS requirements on property purchases is essential for every buyer in India. It not only ensures adherence to tax laws but also provides a seamless transaction experience. By being well-informed about the eligibility, calculation, payment procedures, and penalties associated with TDS, buyers can avoid legal complications and potential financial setbacks. TDS compliance is a straightforward process, and following the correct steps ensures that property transactions are completed smoothly and transparently, allowing both buyers and sellers to benefit fully from the transaction

For expert assistance and guidance on TDS and property transactions, contact Cloud Muneem today!

[eazybillssoftware]

A comprehensive guide to Form 16A: A TDS Certificate

Form 16A is a TDS certificate that is issued by the deductor on a quarterly basis. It is a statement concerning the nature of payments, the amount of TDS, and the deposited TDS payments to the Income Tax department. It also consists of brokerage, interest, professional fees, contractual payments, rent, and other sources of income. 

Unlike Form 16, which only consist salary structure, Form 16A of income tax charge TDS from:

Receipts from business or profession fees. 

Rental receipts from a property or rent. 

Sale proceeds from capital assets. 

Additional source.

Important components of Form 16A 

The important components of Form 16A are: 

Details of the Employer: It contains the name, TAN, and PAN of the employer. 

Details of Employee: It contains the name, TAN, and PAN of the employee. 

Mode of Payment: Both offline and online modes of payment are available. 

Receipt number of TDS: The receipt number of TDS helps in the tracking of back details.

The date and deposit tax amount with the income tax department help track information. 

Significance of Form 16A 

Form 16A plays a pivotal role while filing an income tax return, especially when someone has other sources of income apart from their salary. Here are the key benefits of Form 16A:

Filing of income tax returns: The details contained in Form 16A help employees file their income tax returns. It guides employees in reporting their total income, which includes salary and other sources. 

Tracking of TDS: It helps every individual keep track of the tax deducted at source (TDS) on their income. It gives you a summary of TDS deducted at source. 

Income Proof: Form 16A works as evidence of an individual's total earnings from other sources. Government agencies and financial institutions, like banks, easily accept this source as income proof. 

Loan Applications: This form is important in verifying the loan applications. Financial institutions often need a record of the assets and liabilities of an individual to check the guarantee on loan repayment. 

How to download Form 16A?

Below are the following steps to download Form 16A:

Visit the official website of the income tax department. 

Complete the registration process on the website. 

Click the "Download" tab, and then select Form 16A. 

Fill in the PAN details, and then click “Go to continue.”. 

Click submit and download Form 16A. 

What is the difference between Form 16 and Form 16A?

Form 16 and Form 16A are both TDS certificates, but there are certain differences between them. The following are the differences between Form 16 and Form 16A:

Form 16 is a TDS certificate deducted from salary, whereas Form 16A is issued for income other than salary. 

Form 16 is issued by the employer, whereas Form 16A is issued by financial institutions. 

Form 16 is used for deducting tax from salary, whereas Form 16A is for removing taxes from another source of income apart from salary. 

Final Thoughts  

Paying taxes is the responsibility of the citizens of the nation. It is evident that the process of filing an income tax return and Form 16A is restless and troublesome. Some technical terms of income tax are not known to the new taxpayer. Worry not, because Eazybills will solve every tax-related problem and also offer TDS tracking. 

So? What are you waiting for? Connect to us today through our website, where our professional team will guide you according to your requirements.

[addindiagroup]

Don’t Know About TDS on Commercial Property Rent? Find Out Here!

Having real estate might be a fantastic method to generate passive income. It does, however, need you to become knowledgeable about tax rules. You face a number of penalties if you fail to pay your taxes on time.

The Tax Deducted at Source, or TDS, is a remarkable mechanism of the Indian tax system. The TDS amount will be subtracted from the recipient's payment when they make a payment, such as a salary, interest payment, rent, etc. After then, the amount of taxes withheld is sent directly to the government on behalf of the beneficiary. It is employed in a number of national growth initiatives.

Imagine yourself in the confusing situation of having several tenants occupying your business space. While some pay a fixed monthly rent, others pay rent based on a percentage of their sales. In a circumstance like this, how do you compute TDS? We are specifically taking you through the TDS on commercial property rent and its circumstances in this article.

Don't worry; we've provided an easy roadmap to aid you along this path.

What Constitutes Rent?

In the context of commercial real estate, rent is the sum of money paid by a tenant to the landlord in exchange for the right to use and occupy the space. It is the sum that was agreed upon and usually paid on a regular basis, such a monthly or annual basis.

There are several ways to pay for rent: fixed rates, variable rates based on turnover or sales, percentage-based rents, or a mix of these.

The payment of rent is stipulated in the agreements governing the tenancy or lease of land, buildings, factories, plants, industrial or manufacturing facilities, tools, computer systems, other infrastructures necessary for company operations, machinery, fixtures, and furnishings.

Conditions for TDS on Rent

When you make the TDS on commercial property rent, you have to meet certain requirements, like:

If the total annual rent paid or payable by an individual or a Hindu Undivided Family (HUF) over a certain threshold level, TDS is charged on commercial property rent. The tax authorities set this threshold level, which is subject to change.

Unless there is a foreign corporation engaged and the payment paid exceeds Rs. 1 crore, there is no surcharge on the TDS on rent.

In general, TDS applies to commercial properties and specific residential property categories. TDS, however, does not apply to individuals or HUFs that are exempt from the Income Tax Act's requirement that their accounts be audited.

Subject to special rules and rates that apply to non-residents, TDS on commercial property rent is applicable for payments made to both resident and non-resident landlords.

For TDS deduction, the payee needs to be aware of the landlord's PAN number. If they are unaware, section 206AA requires the TDS on rent to be deducted, which rises to 20%.

TDS on rent must be withheld at the time of each rent payment or, if that occurs beforehand, at the point when the landlord's account is credited.

Rate of TDS On Commercial Property Rent

Here, the proportion of the commercial rent that is withheld upon payment is known as the TDS rate on rental commercial property. Ten percent is the typical TDS rate under Section 194-l.

The TDS rate is higher—20 percent of the rent—when the landlord fails to give the tenant their Permanent Account Number (PAN).

TDS is 2% of the rent for machinery and plant rentals.

The TDS rate is 5% of the entire rental payment for individuals or HUF that are not subject to a tax audit.

Commercial Property Rent

Any payment made by a person (tenant) to a resident landlord for the use or occupation of commercial property is covered under Section 194-L of the Indian Income Tax Act as commercial property rent. Particularly covered under this part is rent paid for non-residential properties utilised for business, including factories, shops, warehouses, offices, and other commercial spaces.

According to Section 194-l of the Indian Income Tax Act, a landlord renting a business property must deduct a certain amount as TDS from the rent paid by the tenant. If the annual rent exceeds Rs 2.4 lakhs, 10% of the rent is tax deductible at source.

Furthermore, according to Section 194-lB of the Income Tax Act of 1961, taxes at the rate of 5% or 3.75% must be subtracted from all transactions made by renters or property payers when they pay rent to the landlord or payee. The tax that is withheld from any authorised bank branch will be credited to the government's account.

Particularly, payments provided to resident landlords are covered by Section 194-L. Section 195 and other requirements of the Income Tax Act may apply to payments paid to non-resident landlords. Source Link : https://addindiagroup.com/dont-know-about-tds-on-commercial-property-rent-find-out-here/

[shiv100]

TDS (Tax Deducted at Source)

TDS (Tax Deducted at Source): What is it?

TDS (Tax Deducted at Source) is the term used to describe when income tax is subtracted from payments that are specifically covered by the income tax, such as rent, professional fees, commission, salary, interest, etc. When receiving income, an individual is required to pay income tax. According to a government provision, income tax will be withheld from your payments ahead of time. “tds on sale of property” Your take-home pay is the net amount remaining after source-reduced taxes.

TDS on property sold in accordance with section 194-IA

Only properties valued at more than Rs 50 lakhs are subject to TDS when they are sold. A buyer must legally pay 1% of the transaction cost as TDS on the sale, according to Section 194-IA (Income Tax Act). 

The buyer must subtract 1% TDS from the value at stamp paper or the actual price, whichever is higher, in accordance with the new budget 2022 rule.

On real estate sales, who deducts TDS?

Any time an immovable property is purchased, the buyer is required to deduct the TDS. It's a tax taken out of the original system to stop unethical behavior. When buying property of a certain type, the buyer is required to deduct 1% TDS from the total amount paid and deposit the remaining funds into the Indian government's account. Form 26AS or a TDS certificate from the buyer may be used to credit the seller for the amount deducted. “tds on purchase of property”

Should any of the parties to the agreement neglect to fulfill their obligations, there will be a penalty.

TDS on real estate sales in 2023

kinds of properties covered by TDS

private land

Business Real Estate

Land Note: The TDS Act does not apply to agricultural land.

How is the TDS deducted and paid for?

A buyer is required to finish the process of remitting TDS into the Government of India's account within the first thirty days following the end of the month of the conveyance deed. In order to pay TDS, a Form-cum-challan no. 26QB is needed. If there are multiple buyers or sellers for the property, each must complete a separate Form 26QB with all the necessary information.

TDS on an NRI's property sale

For long-term capital gains—property bought and sold after two years—the TDS rate is 20%. The TDS rate would fall below the NRI tax bracket for short-term capital gains, which are defined as property sales that occur within two years of purchase.

TDS on joint owners' property sales

TDS would not be applicable if a buyer's share of the property is less than Rs. 50 lakh and there are joint buyers, per section 194 1A and the Delhi Bench income tax tribunal's decision. 

How can I get my TDS back when I sell my property?

After TDS is deducted and paid along with the income, a buyer gives Form 16B to the seller of the real estate. 

Extensive data needed to cover TDS

Information about the seller and buyer needed to pay TDS

Information required for Form 26QB filing includes 

Name, address, PAN, phone number, email address, and full property address

Date of the agreement Total amount of money paid

Date of payment; no TDS deduction

On immovable property, there is no such TDS provision.

When is the TDS expected to be deposited?

For instance, a TDS that was withheld in March needs to be transferred to the Indian government's account by April 7. This implies that TDS must be deposited by the seventh of the following month after a buyer deducts the tax.

Consequences of not paying TDS

Penalty for failing to pay TDS within the legally stipulated timeframe: the buyer faces fines in the form of interest or a hard seven-year jail sentence. “tds on purchase of property section”

How can I obtain Form 16 by paying TDS using Challan 26QB?

Complete Form 26QB with all necessary information, including the buyer's and seller's PAN and property details.

Maximum paid/credited amount and tax information

Seller and buyer's contact information

Buyers should keep in mind the seller's residential status factors.

Don't enter a PAN number or any other incorrect information.

Check PAN Specifics

The Income Tax Department would be involved in any correction. Things the Seller should keep in mind

Verification of Deposit for your Annual Tax Statement on Form 26AS.

[kstcblogs]

How much tax do I pay on 15 lakhs?

Here is the table showing how much tax does have to pay on Rs 15 lakhs income if you opt for old and new tax regimes:

Note: The deductions and exemptions are not available in the new tax regime.CategoryOld Tax Regime (₹)New Tax Regime (₹)Income15,00,00015,00,000Deductions4,75,0000Taxable income

Less: Exempt

Total Income10,25,000

250000

7750001500000

250000

1250000Income tax120000100000Add:Cess 4%48004000Net Tax liability124800104000

The best way to save tax for a salary above 15 lakhs is to opt for the old tax regime and claim all the available deductions and exemptions on tax-saving investments

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What Should You Know About Advance Payments While Buying a Home?

One of the important issues a homebuyer deals with when negotiating a deal for a piece of real estate is an advance payment. Buyers' interests are protected when making an advance payment for real estate.

There are numerous additional expenses associated with owning the property, such as those related to formally transferring ownership of the asset. A developer may request an advance fee in real estate in a number of different ways from the buyer.

So what happens if a real estate developer requests a housing advance payment from the buyer and what should a buyer be aware of in such circumstances?

These topics are covered in this article specifically.

Kamal Associates consistently upholds the transparency of all real estate transactions while safeguarding the interests of the buyer.

Booking amount or token money

Many developers will not talk about the terms and conditions of a property purchase unless they are really confident in the buyer's sincere interest. In order to confirm that the buyer is committed to buying the property, sellers frequently request the following:

Goodwill deposit

Token money for the reservation amount

Earnest money deposit: Bayana.

Before the actual deal is discussed, this question is raised.

Advance payment is what each of the aforementioned terms means. A buyer must make a certain payment in order to confirm their desire to make a purchase. Typically, a seller will request a token payment for the property in the range of Rs. 50,000 to Rs. 1 lakh.

{Read Also: What is the best location for a 2 and 3-BHK flat in Gurgaon?}

Stamp Duty

When purchasing a property, a buyer is required by law to pay stamp duty. However, one must take their time when doing so. It's possible that you won't be interested in a property or that the seller will withdraw. Your investment in stamp paper might be useless under any of these conditions. All of these legal documents are actually neither refundable nor transferable. Therefore, carefully weigh your options.

Advance TDS payment

Since June 2013, a tax of 1% must be subtracted from the total sale consideration before the buyer can pay the seller in India for property sales exceeding Rs. 50 lakhs.

The buyer must deposit this 1% TDS, along with the buyer's and seller's PANs, with the government when completing Form 26QB. This prevents the seller from evading capital gains taxes. TDS on advance payments is fairly common these days, but you should always speak with your financial advisor before making any payments.

{Learn More About:- Signature Global 37D Gurgaon}

Home loan advance payment

Take notice, prospective buyers of used homes! A home loan advance payment could be risky.

When a seller of residential property has an active mortgage on the property, they may begin by requesting an advance payment from the buyer to enable the transaction to be completed with the necessary paperwork.

A No Objection Certificate (NOC) from the lender is required, certifying that the loan has already been repaid and that the property is free and clear of any other debts. Although it seems straightforward, buyers should avoid making such payments.

Looking for comprehensive details on real estate transactions and how to protect your intentions when buying a property? Visit the knowledge base of Kamalhousing.com. We've compiled a list of real estate blogs that you might find intriguing.

[propertyexperttips]

THINGS TO BE CAUTIOUS ABOUT BEFORE BUYING A PROPERTY

Land Possession – This should also be taken into account. For example, if the land is leasehold and the lease's remaining tenure is short, and there is no option for renewal on old rent, the purchaser may be required to pay higher ground rent upon lease renewal. It is also possible that no renewal clause exists at all.

NOC and dues – Although a no-objection letter from society is not required for sale under the new model bye-laws, receiving such a letter as well as a no-dues letter from the society is desirable if the premises are in a society.

If the builder fails to pass on the building to society, the builder's approval should be sought. It should be established that the seller has paid all of his obligations, including property tax, service tax, VAT, and other payments to the society or builder, as appropriate.

Income-tax Check to discover if any processes under Section 281 of the Income-tax Act of 1961 are pending against the seller. Furthermore, if the seller is a non-resident of India, TDS may be taken from the consideration paid unless the relevant Income-tax officer issues a certificate for non-deduction or a lower deduction.

Restrictions and Authorized Users – This aspect should also be examined. For example, the Development Control Regulations require that one identify whether the property is residential or commercial. Other limits, such as heritage restrictions and road widening setbacks, may apply to individual buildings and should be considered.

Select a Location – The next item on your house purchasing process checklist should be to select an appropriate area. Properties in certain areas tend to be more profitable over time since they appreciate at a rapid rate. However, certain areas do not develop as much, and hence the property rate remains mostly unchanged. The rent derived is also affected by the location. Many people find it challenging to afford a home in a well-developed neighborhood. As a result, it is prudent to select the next best alternative - a location that is likely to thrive in a few months or a year or two. Before investing, conduct a thorough examination and assessment of the growth potential.

 Create a Budget – The budget is one of the first items on your to-do list before purchasing an apartment. This is a must for every large investment and requires careful planning. To begin, compile a list of all your expenses and sources of income to determine how much money you will have left over each month after covering all of the necessary charges for a comfortable lifestyle. Examine your savings and other investments to determine how much you can afford for a down payment. Set the budget properly now.

Rates for ready reckoners have risen – With the recent increase in Ready Reckoner (RR) rates, the buyer's burden is anticipated to rise. The Maharashtra government is planning to raise ready reckoner rates for homes in Mumbai and the rest of the state by 5% to 30%, depending on size and location.

The Ready Reckoner is used to assess the market value of apartments for stamp duty and registration charges, which are the government's second and third largest sources of revenue after sales tax and value-added tax.

Quality of Construction – Whether you are buying an independent builder flat or one in a residential society, it is critical to evaluate the building quality. Many builders design houses that appear lovely from the outside, but the materials utilized in their construction are of inferior quality. Do not fall for such schemes.

Water and electricity supply – Even a luxurious, fully furnished home cannot provide comfort if there is a lack of water and frequent power outages in the area. This can be quite inconvenient, especially if you wish to live independently. This is because there will be no power backup and inverters cannot handle heavy loads for lengthy periods. As a result, one of the first things you should look into is the area's water and power supplies.

[canakulsinghalassociates]

ITR Filing In Rohini | Income Tax Return Filing In Rohini 

ITR filing in Rohini. Chartered accountant firm in sec 24 Rohini. Looking for a GST registration, ITR filing, or MSME registration for your business? Call us and consult to the best CA of Rohini

Chartered accounting services, income tax services, accounting and , financial services, auditing and assurance services, business setting services, sales tax, VAT, and service tax are among the services that CA Nakul Singh Associates offers to its clients.

All services are provided following thorough research and the gathering of relevant company data. To achieve the highest level of client satisfaction, we also ensure that these services are provided on time. Our professionals ensure that the services meet industry standards and legal requirements. We provide timely, dependable, adaptable, and credible services since we are aware of our clients' diverse financial needs and expectations.

ITR (Income Tax Return) filing in Rohini

Like in any other region in India, filing an ITR (Income Tax Return) in Rohini entails providing the Income Tax Department with information about your income for a specific fiscal year. This procedure guarantees that people and companies pay the correct amount of tax on their income and abide by tax regulations. An outline of the Rohini ITR filing procedure is provided below:

How to File ITR by CA (ca nakul singhal associates) in Rohini

Step 1: Collect Necessary Documents

Before starting the ITR filing process, gather all the necessary documents. These typically include:

Documentation Required:

PAN card

Aadhaar card

Bank account details

Form 16/16A (issued by employers)

Form 26AS (tax credit statement)

Investment proofs (for claiming deductions)

TDS certificates (for any tax deducted at source)

How to File an ITR in Rohini 

Step 2: Select the Appropriate ITR Form

Based on the sources of your income, choose the correct ITR form. Typical forms consist of:

ITR-1 (Sahaj) is for people whose total income does not exceed ₹50 lakh and who receive income from one house property, one salary, and other sources (interest, etc.).

ITR-2 for people and HUFs without a source of income from a business or occupation.

ITR-3 for people and HUFs who make money from their own businesses or occupations.

ITR-4 (Sugam) for those with income from presumed businesses, HUFs, and businesses (other than LLPs).

Step 3: Complete the ITR Application

Fill out the selected ITR form by hand. Make sure that all the information—personal, income, deduction, and tax computation—is filled in precisely. Form errors may result in delays or rejection.

Step 4: Go to the Office of Income Taxation

After completing the form, go to the Rohini income tax office that is closest to you. Bring a printed copy of the completed ITR form and all of your documentation with you.

Step 5: Send in the ITR paperwork

Send the ITR form to the Income Tax Office with the required paperwork. After a successful submission, the tax office personnel will confirm the information and issue an acknowledgment receipt.

Step 6: ITR verification

Your ITR needs to be confirmed after submission. This can be completed in one of two ways: either by delivering a signed physical copy of the ITR-V (acknowledgment) to the Centralized Processing Center (CPC) in Bengaluru within 120 days of filing the return, or online via the Income Tax Department's website using techniques like Aadhaar OTP and EVC.

Step 7: Check the Status of Your ITR

By visiting the official website of theIncome Tax Department or getting in touch with the tax office where your return was filed, you can find out the status of your ITR.

Advice for an Easy ITR Submission Offline

To prevent mistakes, double-check all of the data you supplied on the ITR form.

Make sure you have all of the necessary paperwork.

Consider speaking with a tax expert orRohini taxcounselor if you are not familiar with the procedure.

For future use, preserve copies of all submitted paperwork and the acknowledgment receipt.

You can successfully file your ITR offline in Rohini by following these steps, assuring compliance with tax laws and averting potential penalties.

Your ITR filing will be assisted by CA Nakul Singhal Associates in Rohini.

Chartered accountant and tax consultant:

CA Nakul Singhal is a great resource for assistance of all types. In Rohini, many people and companies turn to chartered accountants for tax advice. The experts in this field can guarantee proper and speedy ITR filing because they have extensive knowledge of tax rules. They also offer advice on compliance issues, deductions, and tax planning.

ITR Submission Services:

You may get all the services, such as GST registration, MSME registration, ITR filing, etc., from CA Nakul in Rohini. These services are convenient and reasonably priced, especially for individuals who are unfamiliar with the complexities of tax filing.

The significance of timely ITR filing

Prevent fines: You can assist in preventing late filing penalties and interest charges by filing your ITR on time. Individuals typically have until July 31 of the assessment year to file their ITRs, while businesses that need to be audited have until September 30 of the same year.

Request a reimbursement: If you have overpaid taxes, you can get a refund from the Income Tax Department by filing your ITR on time.

Adherence to the law: For both individuals and corporations with taxable income, filing an ITR is legally required. Legal repercussions and tax authorities' investigations may result from noncompliance.

To put it briefly, managing financial health and guaranteeing tax compliance need filing ITRs in Rohini. To minimize your tax liability and prevent legal problems, you must file your ITR on time and accurately, whether you decide to do it yourself or hire an expert.

Visit  - https://canakulsinghalassociates.com/blog/12/itr-filing-in-rohini

Contact - +9199537 75505

Email ID - info@canakulsinghalassociates.com

[taxzona]

The Benefits of Making Income Tax Payments Online and the Process behind Online Income Tax Payments

Introduction

Taxpayers with online banking accounts can now use e-filing and e-payment services provided by the IT department. This has led to two unique methods of paying income tax in the country today. Paying income tax online via the Income Tax Department's website is the standard way of payment. In this paper, we'll examine the advantages of electronic tax payments, how to go about making an electronic tax payment, and who is eligible to make an electronic tax payment.

The Income Tax Department has simplified its tax filing process for Indian taxpayers in response to the rising popularity of online tax filing platforms. In order to avoid long lineups and bank visits, direct taxes can now be paid online.

Benefits of Electronic Tax Payment

Paying your taxes electronically has numerous benefits. The following are some of the advantages:

Electronic payment of income tax returns is quick, easy, and safe. You can do it whenever you want, from wherever you want.

Your bank account will be debited as soon as possible. Please visit the ITR Department's official website to verify whether or not an e-challan has been received and filed to that department promptly. There will be no information requested from the bank.

Immediately after the income tax amount is deducted from the online bank account, a tax payment receipt is generated.

Are you looking for a service that helps you file your taxes? Taxzona has assisted over a hundred business owners in successfully filing their ITRs. Contact us for Income Tax Return Filing in Mumbai

Entities eligible to pay their taxes online

Some taxpayers are only permitted to pay their taxes electronically and cannot use physical methods of payment. These taxpayers are eligible for this classification:

Individual taxpayers are subject to an audit under Section 44AB of the Internal Revenue Code, as do all corporations.

Those who do not fall under the required group may voluntarily use the electronic payment option to pay their taxes. Although electronic payment is not required, it is usually preferred because it saves time and effort.

E-payment Requirements for Taxpayer Eligibility

Taxes can be paid online by anyone who has access to an accredited bank's Internet banking system. Only a few public and commercial entities have been approved by the IT Department to process electronic payments for income tax.

These banks have been approved by the IRS to accept online payments of federal income tax:

●             HDFC Bank

●             Vijaya Bank

●             UCO Bank

●             Bank of India

●             SBI and its affiliate Bank

●             PNB (Punjab National Bank)

●             Axis Bank

●             Allahabad Bank

How to Pay Income Taxes Online

Visit the IRS's official website to learn more about tax obligations.

Select e-payment from the service page of the NSDL Portal after logging in. Go to the website and choose "e-pay taxes" or "pay taxes online" to make your payment online. Provide an e-payment link that works.

Select the appropriate challan.

Use the appropriate challan, such as ITNS 280, ITNS 281, ITNS 282, ITNS 283, ITNS 284, or Form 26 QB or ITR-1 to ITR-7, if applicable, to demand payment (just for TDS) if required (Tax Deducted at Source on property sales).

Fill out the form to the best of your ability.

TAN (if applicable) and other challan information, such as the accounting head under which the payment is made, the tax address, the payer and the bank where payment is made, should be entered.

A message will be displayed on the screen as a notification.

Once you've entered your information, a confirmation page will display to let you know that it was received. If the PAN / TAN is genuine as determined by the ITD PAN / TAN master, the taxpayer's full name will appear on the confirmation page.

Was referring to the web page for online banking?

It will be transmitted to an online banking interface for taxpayers once the information has been verified.

Log in to your online bank account.

Once the information has been verified, the taxpayer will be redirected to the bank's online banking interface.

The payment has been verified.

An electronic payment counterfoil will be displayed that includes the CIN (Corporate Identification Number), payment information, and the bank name. Verification of payment can be done with this counterfoil.

Frequently Asked Questions on Tax Payments

1.     What should I do if I can't pay my taxes on the Internet?

Contact the TIN call center if you have any issues making an e-payment using the NSDL website. If you're having problems with your bank's payment gateway, please contact your bank.

2.     My electronic payment receipt has been lost. What should I do next?

Your bank will reissue a challan counterfoil for tax filing if you request it.

3.     What is a paperless tax payment?

A service supplied by the ITR (Income Tax Revenue) allows taxpayers to pay their taxes electronically using their bank accounts.

4.     Any risk of my online payment transaction being compromised exists?

It is impossible to hack into an encrypted electronic transaction because of the usage of Safe Sockets Layer technology.

Conclusion

Online direct tax payments can be made via e-Payment. One of the banks that the IT (Income Tax) department has designated must have a net-banking account in order for you to use this service.

[legalntax]

The Concept of Low Deduction Certificates

Who doesn't like to pay tax at low rate, some people think that it is a far-sighted idea but in reality common people can take advantage of low rate of tax. It sounds very complicated but its process is easy but to understand the law and key points you have to take the help of universal teacher "Books" or you can consult your financial advisor on the subject.

Let’s understand ‘what is the term LDC is’ and ‘how this system works for the general welfare’.

Lower Deduction Certificate section 197 of TDS is a hidden gem section of TDS. So many benefits are affiliated with this term, for example, A company who are not PE in India, NRI individual who sale Indian Property and Assessee who going through low N/P or losses. The assessee can avail the Low deduction Tax rate by going through a simple procedure by filing Form 13 to AO.

The deductee can apply for a certificate only for the purpose of receiving the following payments: -Section 192: Salary

Section 193: Interest on securities

Section 194: Dividends

Section 194A: Interest other than interest on securities

Section 194C: Contract charges

Section 194D: Insurance commission

Section 194G: Commission on sale of lottery tickets

Section 194H: Commission or brokerage

Section 194I: Rent on plant & machinery, building, etc.

Section 194J: Professional charges

Section 194LA: Compensation on acquisition of immovable property

Section 194LBB: Income from units of investment funds

Section 194LBC: Income from investment in securitization trust

Section 194M: Payment of certain sums by individuals / HUFs

Section 195: Certain payments to non-residents

The payee is not a company or firm

The payee has duly furnished a statement in Form 15G or Form 15H, declaring that the total income will not exceed the maximum amount not chargeable to tax.

The certificate cannot be applied for if all the following conditions are satisfied: -

Section 192A: Payment of Accumulated Balance Due to an employee

Section 193: Interest on Securities

Section 194A: Dividends

Section 194D: Insurance commission

Section 194DA: Payment under Life Insurance policy

Section 194I: Rent on plant & machinery, building etc

Procedure for Filing Form 13 An application for Nil/ Lower deduction of TDS under Section 197 is required to be made by the taxpayer to the income tax officer in Form 13. Various details are required to be furnished by the taxpayer in this Form 13, some of which include:-

Name and PAN No.

Details regarding the purpose for which the payment is being received

Details of income of the last 3 years and the projected current year’s income

Details of payment of tax of the last 3 years

Details of tax deducted/ paid for the current year

Estimated Tax Liability for the current year

Email ID

Mobile Number

[indiabizassist]

Higher rate of TDS on sale of immovable property owned by NRI in India

This article covers in detail the applicability of TDS on Sale of Property by NRI in India. In this article, the following topics have been explained in detail.

Applicability of TDS on Sale of Property by NRI

What is the Rate of TDS on Sale of Property by NRI?

Amount on which TDS is required to be deducted

TDS Payment, TDS Return & TAN No.

How to Determine whether Seller is Resident or Non-Resident in India

Things to be taken care of by the Seller

Things to be taken care of by the Buyer

How to avoid Double Tax on sale of Property by NRI Seller in 2 Countries

Repatriation of Money outside India by NRI

Reduce your TDS Liability by filing application in Form 13

Applicability of TDS on Sale of Property by NRI

After the sale or purchase of property, a TDS deduction has to be made. The buyer deducts the TDS and then pays the balance when making the payment. The amount deducted has to be paid to the Income-tax department. When the seller is an Indian resident, TDS is usually one percent of the sale price. If the seller is a non-resident Indian, then TDS deducted is based on the quantum amount that the seller gets. This is to say that the TDS is calculated based on the seller’s residential status. 

What is the Rate of TDS on the Sale of Property by NRI?

Various rates are set to determine the TDS. For long-term capital gains, the rate is 20% if the property has been held for over 2 years. If it is short-term capital gains, then the seller’s income tax rates are applicable if the property has been held for not more than two years. For these amounts, surcharge are also levied. 

Amount on which TDS is required to be deducted

TDS deduction is a requirement by law falling under section 195. The deduction should be based on capital gains. Capital gains computations are done by an officer from the income tax department, and the application has to be made by the seller. After computation, the income tax department has to issue a certificate. 

TDS Payment, TDS Return & TAN No.

When a property is being purchased from a non-resident Indian, many compliances have to be met. One needs to have a TAN No for TDS deduction. However, the TAN No is not needed for resident Indians. The buyer needs to have this number. When TDS is deducted, it should get to the income tax department in 7 days from the month-end, when the deduction is made. Once the deposit has been made, the buyer must give the seller Form 16A. 

How to Determine whether Seller is Resident or Non-Resident in India

Residential status is based on the number of days a person usually spends in India. A residential status calculator can be used to determine this. Their citizenship doesn’t matter. For income tax purposes, if a person is an Indian citizen but lives abroad, he is non-resident because the Tax act mentions days, not citizenship. Even with the PAN and Aadhaar card, you may still be a non-resident. The banned account a seller holds also has no impact on their residential status.

Things to be taken care of by the Seller

They include a certificate from the relevant body to facilitate capital gain computation. Other documents like the date of purchase, purchase price, and expenses like construction and renovation need to be submitted together with form 13. The seller has to get form 16A. If there are two buyers involved, both need to submit form 13.

Things to be taken care of by the Buyer

The buyer must deduct TDS on each payment and deposit it to the income tax department. The buyer has to give the seller form 16A once the return has been made. There are penalties that the buyer could pay for being late with payments. 

How to avoid Double Tax on sale of Property by NRI Seller in 2 Countries

Some countries levy property sales regardless of location. This allows tax credits to reduce liability in this other country. There are double taxation avoidance agreements made in India and some other countries to avoid this. 

Repatriation of Money outside India by NRI

If money for property sale needs to be repatriated outside India, form 15CA and form 15CB have to be submitted by the NRI. The forms should be submitted to the bank after being generated from the income tax website. Disclosures should be made about the funds and tax declarations. 

Reduce your TDS Liability by filing an application in Form 13

Form 13 needs to be filled if one needs a TDS reduction for NRI property sale. One may have to get a chartered accountant to help with this as it can be very complicated. Indiabiz assist is the best to help in this area and ensure that all things are taken care of and that you are fully compliant.

[ezybizadviser]

NRI TAXATION- NRI TAX RETURN FILING IN INDIA

NRI Tax Return

There are approx. 30 Million Nonresident Indians all over the world which comprises of Overseas Citizen of India as well as Person of Indian Origin. Like Residents, Nonresidents are also liable to pay taxes in India and file their Income Tax Return.

A question comes in mind as to how NRI tax return filing is different from Resident tax return filing?

First of all, income earned abroad will not form part of NRI Tax return. Thus, they are liable to pay taxes and file their Income tax return only on the income earned in India. Accordingly, NRIs are liable to pay taxes on rental income, salary income, capital gain on sale of property, interest on fixed deposits and capital gains on sale of shares and mutual funds in India. However, NRIs are liable to pay taxes on aforesaid income and file their tax returns in India only if such income exceeds the basic exemption limit of Rs 2.5 lac during a financial year.

NRI taxation is a wide concept covering not only Income tax but also wealth tax, property tax etc.

Some important features of NRI Taxation in India

1)      Since NRI are taxable on basis of “source”, instead of “residence”, their taxes are withhold at the highest rate on all types of income like interest on Fixed deposits, shares and mutual funds. As per law, in case the taxes of NRI are withhold and they have limited income in India, no need to file NRI tax return in India. However, in case, excess TDS has been deducted from their income, it will result in tax refund which compels NRI to file their tax returns in order to claim refund of excess taxes deducted.

 2)      Unlike Residents, who get exemption in tax slab based on age, gender etc., income of NRIs is based only on the income earned in India.

 3)      Unlike residents who are liable to deduct TDS in excess of threshold limits, in case of NRIs, there is no threshold for deduction of TDS and entire income is liable for TDS deduction.

 4)      In case income of NRIs falls under section 115G of the Act, they are normally not required to file their tax return in India.

 5)      NRIs are not allowed any nominal deductions on investment income barring some exceptional situations.

 6)      NRIs can opt to be taxed under special provisions mentioned in section 115E to 115I of the Act.

 7)      Unlike Residents, form 15G and 15H are not applicable in case of NRIs. Accordingly, tax is deducted on entire income and excess tax deducted can be claimed as refund by filing their Income tax return in India.

 8)      In case NRI are subject to double taxation, first owing to source of income in India and second owing to residence in other country, in such cases, NRIs may avail the benefit of DTAA and claim credit of taxes paid in one jurisdiction against total tax liability in another jurisdiction.

All the above are important points for consideration at the time of

NRI Tax return

filing in India and should be kept in mind by every tax payers.