“Representation module for Transfer and Postings of employees up to the rank of ITO is now available in Employee login module.” “Service profiles of all non-gazetted employees is now available in the Employee login module for verification and review.” For Quarter Allotment information, please proceed to employee login. know more “Do not fall prey to suspicious messages/unsolicited calls/emails requesting for fund transfers. Income Tax Department will not call/email you for immediate fund transfers.”

What’s New

1 % of each payment to be deducted as TDS on purchase of any immovable property of Rs.50 lakhs or above (other than agricultural land).

If sale value of an immovable property (other than agricultural land) is Rs.50 lakhs and above, the buyer is obligated under the law to deduct tax at 1% on such value and pay the tax so deducted to the Government account within 7 days. For making payment, the PAN No. of the payer and the payee is required. [Section 194(IA)].

अचल संपत्ति स्टांप ड्यूटी मूल्य से कम बिकती है, अंतर को विक्रेता की आय के रूप में पूंजीगत लाभ के रूप में लगाया जाएगा [धारा 50 सी] या व्यावसायिक आय [धारा 43 सीए]

यदि अचल संपत्ति स्टैम्प ड्यूटी मूल्य से कम मूल्य पर बेची जाती है, तो स्टांप ड्यूटी मूल्य और विचार के बीच अंतर को विक्रेता की आय को पूंजीगत लाभ के रूप में माना जाएगा u / s.50C, यदि संपत्ति एक पूंजी संपत्ति है । यदि संपत्ति को एक व्यावसायिक संपत्ति के रूप में रखा जाता है, तो, यह धारा 43CA के तहत व्यावसायिक आय के रूप में लगाया जाएगा।

Immovable Property purchased lower than stamp duty value, difference would be treated as income of purchaser.

In case an immovable property is purchased at value lower than the stamp duty value, then difference between stamp duty value and the consideration value would be treated as the income of the purchaser [Section 56(2)(vii)(b)].