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Avoid Consequences: Deduct TDS on Property Purchases for Smooth ITR Filing Near Me

Updated: Nov 30, 2023

As you search for an affordable and reliable online platform for ITR filing near me or rather near you, it's advisable to review your relevant taxation obligations. Among these obligations is the deduction of TDS when purchasing a house property.

Purchasing a house can involve various complexities, but understanding the process is the key to simplifying things. One important aspect to grasp is TDS compliance, which is associated with buying a property.

What does TDS entail as part of its narrative?

TDS stands for tax deducted at source and involves deducting taxes before making the payment. By delving into the details of TDS, we can gain a better understanding of how to navigate this aspect of property transactions.

These points highlight the threshold value, the provision under the Finance Act, the different TDS rates based on residency, and the specific rates for long-term and short-term capital assets.

1) TDS is applicable when the property transaction value exceeds Rs 50 lakh, regardless of whether it's a residential or commercial property.

2) According to the Finance Act of 2013, section 194-IA mandates a TDS deduction when buying an immovable property (excluding agricultural land) from a resident in India.

3) The TDS rate varies depending on the seller's residency status. For non-resident Indian (NRI) sellers, the TDS rate is 20 percent plus applicable surcharge and cess for long-term capital assets (held for more than 24 months) and 30 per cent plus surcharge and cess for short-term capital assets (held for less than 24 months).

4) Resident sellers have a TDS rate of 1 percent.

Let us unfold the buyer's end:

  1. The buyer of the property must deduct the TDS (tax deducted at source).

  2. It is important to emphasize that the TDS should be subtracted from the payment made towards the property's total consideration.

  3. The total consideration represents the amount that the buyer needs to pay to the seller to complete the property acquisition.

The TDS sum must be deducted and deposited with the government within the allotted time frame. It is crucial to make sure the TDS is submitted by the deadline because failing to do so could result in penalties and interest costs.

Penalties and interest costs may apply if TDS regulations do not get followed. The penalty is equivalent to the TDS amount that was not deducted or deposited, and interest charges apply if the TDS was not remitted on time. To avoid these consequences, it is crucial to adhere to TDS regulations. It is worth noting that the responsibility for paying the penalty and interest charges lies with the buyer, not the seller.

To get through with depositing TDS online, buyers need to complete an online form, save the acknowledgement number, make payment through authorized banks, and retain the challan counterfoil as proof of payment when depositing TDS for a property transaction.

  1. To deposit TDS for a property transaction, buyers should visit the TIN Protean website and select the "Online form for furnishing TDS on a property (Form 26QB)" in the "TDS on sale of property" section.

  2. Fill out the form with details like seller and buyer PAN, property information, payment amount, and tax deposit details. Include details of all parties if the property is jointly owned.

  3. After submitting the form, save the acknowledgement number provided. Print a copy of Form 26QB for records.

  4. Proceed to the payment page using the Internet banking facility of authorized banks listed on the website.

  5. A challan counterfoil with the CIN, payment information, and name of the e-payment bank will be displayed following a successful transaction. It recommends you store it with you.

Looking for ITR Filing near me: Get ready to file your taxes on time with utmost ease

Given the ongoing tax season, here is a reminder to file your taxes on time. Filing an income tax return not only helps meet your legal obligations but also offers various benefits. One of these benefits is the opportunity to claim deductions, which can effectively reduce your tax burden. Deductions can be availed through investments and may include items such as TDS and rebates.

The deadline to file your Income Tax Returns (ITR) penalty-free is July 31, 2023. For the current year, the deadline for filing a belated return is December 31, 2023. After filing and verifying your return, you can expect to receive your income tax refund within 20-45 days. In case of any delay, you can contact the Centralized Processing Centre (CPC) for a refund status update.

TaxBuddy is a trusted online platform if you are searching for ITR filing near me, is here to make your TDS deposits and tax compliance easy to follow through. The TaxBuddy team understands the complexities of the process, so you can relax and let them handle it for you. Simply upload your necessary documents, and the team will take care of the rest. They are your reliable partners, committed to guiding you at every juncture. Let TaxBuddy be your trusted companion in making TDS deposits and ensuring tax compliance, allowing you to focus on other aspects of your financial journey.


Q1) How can income tax returns be modified or amended after the expiration of the filing deadline?

In the scenarios that amendments are required, taxpayers have the option to make changes to their original income tax returns by submitting a revised return in accordance with section 139(5). However, it is important to note that the revised return must be filed as a late submission by December 31 of the assessment year.

Q2) What is the deadline for filing income tax returns?

For individuals and non-audit cases, the income tax return must be filed by July 31 for the relevant assessment year. For audit cases, the deadline is October 31.

Q3) Will subscribing to TaxBuddy help me save taxes?

TaxBuddy provides multiple benefits for users such as convenient ITR filing aided by tax experts, free assistance for tax planning, and the opportunity to lower taxes by 26%. Users can also get help from tax professionals for GST return filing, while TaxBuddy assists in managing GST and ITR notices.

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