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Tds on prpperty (194ia) disallowances
Dear all,
My client has purchased a property and has not deducted TDS under section 194IA.
Thus my query is whether the tds amt to be disallowed under section 40a.
anser asap
Replies (3)
My dear friend there is no such disallowance u/s 40(a) for Non Deduction of TDS in respect of Purchase of Property.
Agree with Rahul. Further, disallowance u/s 40(a) is in repsect of expenditure (not on TDS component alone). Moreover, it is not applicable in respect of property since it is an asset. In your case, if tax u/s 194IA is not deducted/paid, then interest for late deduction as well as late payment and late fee will be applicable. IT Dept would send notice damanding the same.
It is below 50 Lakhs then no need of pay TDS 194IA.
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