Taxation Exam > Taxation Videos > Income Tax for assessment (Inter Level) > S 194IA and 194LA
S 194IA and 194LA Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on S 194IA and 194LA Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the meaning of S 194IA and S 194LA in taxation? |  |
Ans. S 194IA and S 194LA are sections of the Income Tax Act that pertain to tax deduction at source (TDS) on certain specified transactions. S 194IA deals with TDS on transfer of certain immovable property, while S 194LA deals with TDS on payment of compensation on acquisition of certain immovable property.
| 2. Who is responsible for deducting TDS under S 194IA and S 194LA? | |
Ans. In the case of S 194IA, the buyer of the property is responsible for deducting TDS at the time of making payment to the seller. Under S 194LA, the person making the payment of compensation is responsible for deducting TDS.
| 3. What is the rate of TDS under S 194IA and S 194LA? | |
Ans. The rate of TDS under S 194IA is 1% of the total sale consideration. For S 194LA, the rate of TDS is 10% of the total compensation amount.
| 4. Are there any exemptions or thresholds for TDS under S 194IA and S 194LA? | |
Ans. Yes, there are exemptions and thresholds for TDS under both sections. Under S 194IA, TDS is not required to be deducted if the sale consideration is less than Rs. 50 lakh. For S 194LA, TDS is not applicable if the compensation amount is less than Rs. 2.5 lakh.
| 5. What are the consequences of non-compliance with TDS provisions under S 194IA and S 194LA? | |
Ans. Non-compliance with TDS provisions may attract penalties and interest. If TDS is not deducted or not deposited with the government, the buyer or the person making the payment may be held liable for the TDS amount along with interest and penalties. It is important to ensure timely and correct compliance with TDS provisions to avoid any legal consequences.
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Dec 20, 2024 Last updated |
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