This site had published a video on section 194-IA when it was introduced in FY 2013-14. If you regsitered any immovable property , be it land or house , during financial year 2013-14 , chances are that you either already received a notice from CPC(TDS) or will recieve the notice by mail with the subject “CPC (TDS) Follow up: 26QB Statement not yet filed for Purchase of Property during FY 2013-14 ” . The notice reads as under :
Date of communication : XXXXXX
Dear Buyer of Immovable Property, PAN (XXXXXXXX),
As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs) during Financial Year 2013-14. However TDS Statement in Form 26QB has not yet been filed by you. In this regard, your urgent attention is invited to the following, with respect to filing of TDS Statement in Form 26QB and Issuance of TDS Certificates in Form 16B downloaded from TRACES.
First thing , most of the persons who regsitered flats during FY 2013-14 should not worry too much if you got this notice. This post will explain why ? Further, apart from telling what to do for people who need not worry , the post will also explain who needs to worry and what should be be done by them .