Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: form 3cd :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: empanelment :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: TAX RATES - GOODS TAXABLE @ 4%
« Service Tax »
 Unnable to file your tax return? Take help of these portals
 Do you know which 80C instruments can help you save tax and carry no future tax liability?
 E-way relief, for now, to e-commerce, courier firms sending small orders
 Where to invest for saving more on taxes
 A simpler GST can become a registry of all invoices, says iSPIRT’s Sharad Sharma
  Income Tax department may defend CPC in returns fraud case
 One GST rate not possible, next reform after compliance improves,
  Communication to the Central Excise/Service Tax Taxpayers on migration to GST
  GST Network simplifies returns filing process
 Why is the successful roll-out of the e-way bill necessary?
 How service tax became revenue lifeline for the Govt

Banks seek exemption from TDS while selling mortgaged property
June, 12th 2014

Banks have sought exemption from tax deducted at source (TDS) when they sell mortgaged property to recover loans.

They have pitched for this exemption with the finance ministry as their recovery from sale of mortgaged properties gets reduced to the extent of the TDS.

NPLs rise

This demand comes in the backdrop of the gross non-performing assets (NPAs) of banks rising from 3.5 per cent of the total loans to 4.4 per cent as at December-end 2013, in view of the slowdown in the economy.

According to the central bank, the NPA increases have been more pronounced in the case of public sector banks. According to Section 194-IA of the Income Tax Act, any person, being a transferee (buyer), responsible for paying to a resident transferor (seller), any sum by way of consideration for transfer of any immovable property (other than agricultural land), is required to deduct an amount equal to one per cent of the sum as income tax, at the time of credit of the sum to the account of the transferor.

Immovable property

TDS is not applicable when the consideration for the transfer of an immovable property is less than ?50 lakh. Immovable property means any land (other than agricultural land), building or part of a building. Section 194-IA was introduced by the Government in the Income Tax Act with effect from June 1, 2013.

TDS is one of the modes of collection of taxes, by which a certain percentage of a transaction amount is deducted by a person at the time of making/crediting certain specific nature of payment to the other person, and the deducted amount is remitted to the Government account.

TDS is similar to “pay as you earn” scheme also known as withholding tax in many other countries. It ensures regular inflow of cash resources to the Government.

It acts as a powerful instrument to prevent tax evasion.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Services SEO LLC e-boost Search Engine Optimization Services Internet Marketing Services Website Placement Services On-site Webs

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions