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Who is required to file a TDS return under section 194-IA ?
Any buyer who is responsible for making payment of sales consideration in respect of purchasing an immovable property shall deduct tax under section 194-IA . Tax is required to be deducted only if the seller to whom payment is made is resident in India.
When this section is applicable?
The provisions of section 194-IA are attracted if an immovable property, other than rural agricultural land, is transferred. Tax shall be deducted if the amount of sale consideration or the stamp duty value of the immovable property [Whichever is higher] is Rs. 50 lakhs or more.
How and when to issue the TDS certificate?
The deductor shall issue a TDS certificate to the assessee in Form No. 16B within 15 days from due date of furnishing of challan-cum-statement in Form 26QB. This certificate shall be generated and downloaded from the Dept. website.
What are the consequences of failure to issue TDS certificate?
If any person, who is responsible for the issue of the TDS certificate, fails to issue such certificate, he shall be liable for payment of penalty under section 272A .