TDS on Property
Under 'TDS on sale of property', click on "Online form for furnishing TDS on property - From 26QB
According to the Income Tax Act, 1961, Tax Deducted at Source (TDS) is a means of indirect tax collection by Indian authorities. It is managed by the Central Board of Direct taxes (CBDT) and that comes under the Indian Revenue Services (IRS). TDS on property was introduced by P. Chidambaram, the then Finance Minister of India. This rule has been in effect since June 1, 2013. As per the section 194IA, 1% TDS on Property will be levied if the property transaction amount is more than Rs. 50 Lakhs. This TDS will be levied on all types of property transactions except Agricultural land.