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Procedure for tds on purchase of land.

Uday G (Business) (254 Points)

08 November 2012

As per Section 194LLA tax is to be deducted on payment for purchase of land @ 1% with effect from 1 october 2012. In the budget memo. it is said that the new challan and procedure will be introduced to make the payment.

Kindly let me know the latest status of this and the procedure to be followed.

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Deepak Gupta (CA Student) (15922 Points)
Replied 08 November 2012

Originally posted by : Uday G
	As per Section 194LLA (Finance Minister has withdraw TDS on such transaction on 07/05/2012. It was proposed by Finance Bill 2012 but withdrawn at the time of passing of Final Bill) tax is to be deducted on payment for purchase of land @ 1% with effect from 1 october 2012. In the budget memo. it is said that the new challan and procedure will be introduced to make the payment. Kindly let me know the latest status of this and the procedure to be followed.