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Section 194ia And Section 194ib

Section 194IA and Section 194IB

Section 194IA of the Income Tax Act contains guidelines regarding the payment of TDS by taxpayers. The other section that has a bearing on the payment of TDS in India is Section 194 IB. Tax Deducted at Source, much like the name suggests, is a tax levied on certain income and deducted by the remitter. Section 194(IA) and Section 194 (IB) deals with the payment of the TDS by a rent-paying or property-buying individual. Let us now take a closer look at both Section 194IB and Section 194IA of the Income Tax Act.

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FAQ's on Section 194IA and Section 194IB

What is section 194i 194IA and 194IB?

Section 194i, 194IA, and 194IB are sections of the Income Tax Act, 1961 that deal with the deduction of TDS on payments made for certain specified services.

What is the difference between 194i A and 194i B?

The main difference between Section 194iA and Section 194iB is the rate of TDS. The rate of TDS under Section 194iA is 2%, while the rate of TDS under Section 194iB is 5%.

What is Section 194IB of income?

Section 194IB of the Income Tax Act, 1961, deals with the deduction of TDS on payments made to a non-resident for the transfer of any right to use any intellectual property in India. The rate of TDS under Section 194IB is 10%.

What is Section 194IA interest rate?

The Section 194IA interest rate is 2%. This means that the deductor is required to deduct TDS at the rate of 2% from any sum paid to a resident for the transfer of any right to use any intellectual property in India.

How do I claim TDS deducted from 194IA?

Tax deducted shall be deposited to the Government within 7 days from the end of the month in which tax deduction is made. Online tax payment can be done by selecting Form 26QB (return cum Challan form) which is available on the website www.tin-nsdl.com under “TDS on Sale of Property” tab.

Is there any tax on sale of property?

If you sell a residential property or a land after holding it for more than two years, you are liable to pay long-term capital gains tax of 20 per cent after indexation. So, if you make a gain of Rs 50 lakh, you may end up paying Rs 10 lakh as tax. However, you can very well save this significant tax outflow.

What is Section 194ib?

The government introduced section 194IB in the Income-tax Act making it mandatory for a tenant to withhold taxes @ 5% on rental payments, over and above Rs. 50,000 per month and to deposit it within the prescribed time with the government.

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