- In the calculation of TDS, only the property's purchase price was included, the rest were not included.
- Now the maintenance, advanced fees, electricity-water connection fees will also be included in the cost of the property.
- If there is a property of 45 lakhs and 5 lakh other charges, then the price will be treated as 50 lakh rupees
- 1% TDS will be deducted if the property price is more than 50 lakh
Jul 06, 2019, 12:02 PM IST
new Delhi. In the calculation of TDS on the purchase of property, now the charges like maintenance, advance fees, electricity and water connection fees will also be included. If the cost is more than Rs 50 lakh, then 1% will deduct TDS.
If you spent more than Rs 2 lakh on foreign travel, it would be necessary to file a return
Chartered accountant Vikas Jain says that by including all charges in the calculation of TDS on property sales, the tax department will be able to get as much information as possible related to the amount of property sale. In order to avoid TDS, the builders take some amount as separate charges. This does not allow the tax department to know the real value of the property. It is known only when the scorpion comes in.
If you spent more than Rs 2 lakh on a foreign travel year, it would be necessary to file a return. Returns will also be compulsory for those who have deposited Rs. 1 crore in the current account and those who pay the electricity bill of more than Rs. 1 lakh. Finance Minister Nirmala Sitharaman proposed this in the budget.
5% TDS deduction will be deducted by the individual for contractor or professional paying more than Rs 50 lakh in a year. According to Chartered Accountant Development Jain, TDS will be deducted on the full amount of the payment. So far TDS is not deducted on personal payment.
Taxes will be given if people living in the country give gift to NRI as money or property. In order to simplify tax returns, the government has allowed the use of Aadhaar cards instead of PAN card. Those who do not have PAN cards can fill the returns from the base.