“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.”

Important Obligations

Deduct TDS @ 20% on payments made to Non-resident for purchasing immovable property.

If the seller of an immovable property (other than agricultural land) is a non- resident, then the buyer is obligated to deduct tax @ 20% where the capital gain is a long term. The applicable rate of deduction of tax will be 30% in case the capital gain is short term. [Section 195].

Buyer to deduct tax at 15% on purchase of equity shares, units of equity oriented fund, if the seller is a non-resident.

If the seller of equity shares in a company or any unit of an equity oriented fund is a non- resident and the transaction is short term, then the buyer is obligated to deduct tax @ 15% and pay the same to the Government account within 7 days [Section 111A].

Payment towards Long Term Capital Gains/ Income from investment to NRIs attracts TDS @ 10% of Long Term Capital Gains and 20% of investment income.

Anyone responsible for making any payment towards long term capital gain or towards income from investment to any Non- Resident Indian, the payer is required to deduct tax @ 10% on Long term Capital gain and deduct tax @ 20% on income arising from investment or long term capital gain from asset other than specified asset. The payer is obligated to deposit such tax deducted within 7 days [Section 115E].

Wealth Tax is applicable to every Individual, HUF and Company at the rate of 1% on the amount by which Net Wealth exceeds Rs.30 lakhs.

The assets which are included in net wealth are residential/commercial land; residential building/flat (if not let out for more than 300 days in a year); jewellery, bullion, utensils of gold/silver; cash-in-hand above Rs. 50,000/-. [Refer Section 2(ea) of the Wealth Tax Act, 1957].