eTutorial –TDS on sale of propertyJune 1, 2013NSDL e-Governance Infrastructure LimitedTax Information Network of Income TaxDepartment (managed by NSDL)
TDS on property• As per Finance Bill of 2013, TDS is applicable on saleof immoveable property wherein the saleconsideration of the property exceeds or is equal toRs 50,00,000 (Rupees Fifty Lakhs).• Sec 194 IA of the Income Tax Act, 1961 states thatfor all transactions with effect from June 1, 2013, Tax@ 1% should be deducted by the purchaser of theproperty at the time of making payment of saleconsideration.
Payment of TaxTax so deducted should be deposited to theGovernment Account through any of theauthorized bank branches using the e-Taxpayment option available at NSDL
E-payment• E-Payment facilitates payment of taxes online bytaxpayers.Pre-requisite– To have a net-banking account with any of the AuthorizedBanks– For list of authorized banks, please referhttps://onlineservices.tin.nsdl.com/etaxnew/Authorizedbanks.html
Steps to pay tax online• Log on to NSDL-TIN website (www.tin-nsdl.com)
Steps to pay tax online• Under TDS on sale of property, click on theoption “Online form for furnishing TDS onproperty”Click on the option “TDS on sale ofproperty’Under TDS on sale of property, Click onthe option ‘Online form for furnishingTDS on property’
• Select Form for Payment of TDS on purchaseof PropertySteps to pay tax onlineClick on the option “TDS on sale ofproperty’
Steps to pay tax onlineSelect Financial Year from the drop downfor which payment is to be doneSelect Tax applicable for which paymentis to be doneMention PAN ofTransferee/BuyerMention PAN ofTransferor/SellerRe-enter PAN ofTransferee/BuyerRe-enter PAN ofTransferor/Seller
Steps to pay tax onlineProvide Complete addressTransferee/BuyerProvide Complete addressTransferor/Seller
Steps to pay tax onlineProvide Complete address ofProperty transferredMention the date ofAgreement/Booking of propertyMention the Total value ofconsideration (Property Value)Mention if the above payment is donein Lump sum or in Installments
Steps to pay tax onlinePlease select the amountpaid/credited (Enter the amount paidto the Transferor/Seller)Please enter the amountpaid/credited (Enter the amount paidto the Transferor/Seller)Please enter the TDS rate (Tax rate atwhich the TDS was deducted by thepurchaser at the time of purchase ofthe property)Please enter the TDS amount to bepaid (amount deducted by thepurchaser at the time of purchase ofthe property)
ExampleAmount entered here should matchthe Amount selected from the dropdown list aboveTDS amount should be as per the TDSrate provided above. User will not beable to proceed in case of mismatchin the TDS amount
Steps to pay tax onlinePlease select the mode of payment ofTaxPlease select the Bank through whichpayment is to be madePlease select the date ofpayment/credit to theTransferor/SellerPlease select the date of taxdeductionPlease enter the characters seen inthe above picture.After entering all the above requireddetail please click on PROCEED buttonto continue. To Clear all the details mentioned inthe above form, please click on ClearFormTo go to the homepage, please clickon Home
• On proceed, confirmation page is displayed toverify the details enteredSteps to pay tax online
Steps to pay tax onlineIf all the above detail including thename displayed (as per ITD) is correctthen, click on “SUBMIT” buttonIn case you have made a mistake indata entry, click on “EDIT” to correctthe same.
• On confirmation, nine digit alpha numericAcknowledgment number would begenerated9 digit Acknowledgment NumberSteps to pay tax online
Steps to pay tax onlineTo do the required TDS payment,please click on ‘Submit to the Bank’button
• On clicking on Submit to the Bank, deductor will have to loginto the net-banking site with the user ID/ password providedby the bank for net-banking purpose.• On successful login, enter payment details at the bank site.• On successful payment a challan counterfoil will be displayedcontaining CIN, payment details and bank name throughwhich e-payment has been made. This counterfoil is proof ofpayment being made.Steps to pay tax online
Points to remember• Deduct tax @ 1% from the sale consideration.• PAN of Seller as well as Purchaser should be mandatorilyfurnished in the online Form for furnishing informationregarding the sale transaction.• Do not commit any error in quoting the PAN or otherdetails in the online Form as there is no online mechanismfor rectification of errors. For the purpose of rectificationyou are required to contact Income Tax Department.• While completing the Online form, please note thefollowing points:-– Fields marked with * are mandatory– Do not enter double quotes (“ ") in any of the fields.
Thank YouIn case of any further queries/concerns please contactour TIN Call Center at 020-27218080 or email us firstname.lastname@example.orgTax Information Network of Income TaxDepartment (managed by NSDL)