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Section 194LA - Payment of compensation on compulsory acquisition of any immovable property (other than agricultural land) - Income Tax - Ready Reckoner - Income TaxExtract SEC 194LA : PAYMENT OF COMPENSATION ON COMPULSORY ACQUISITION OF ANY IMMOVABLE PROPERTY (OTHER THAN AGRICULTURAL LAND) Any person responsible for paying to a resident any sum, being in the nature of compensation or the enhanced compen sation under any law for the time being in force, of any immovable property (other than agricultur al land), shall deduct income-tax thereon. Time of Deduction At the time of payment of such sum in cash or by cheque or by any other mode Rate of TDS 10% of such compensation amount. Note: No TDS where amount does not exceed 2,50,000 during a Financial year. No deduction shall be made under this section where such payment is made in respect of any award or agreement which has been exempted from levy of income-tax under section 96 of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. Question of deducting tax at source arises at the time of making payment and it has nothing to do with date of award of compensation.
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