Government rolls bank TDS on property salesMay 7th, 2012 - 6:02 pm ICT by IANS
New Delhi, May 7 (IANS) The government Monday rolled back the proposed one percent tax deduction at source (TDS) on transfer of immovable property.
Initiating the debate on the Finance Bill for 2012-13 in the Lok Sabha, Finance Minister Pranab Mukherjee said the government had decided to roll back the levy after receiving various representations.
“The Finance Bill proposes that every transferee of immovable property (other than agricultural land), at the time of making payment for transfer of the property, shall deduct tax at the rate of 1 percent of such sum,” Mukherjee said.
“I have received a number of representations pointing out the additional compliance burden this measure would impose. I, therefore, propose to withdraw this provision for levy of TDS on transfer of immovable property,” he added.
In the budget for financial year 2012-13 presented March 16, the finance minister had proposed to levy TDS on transfer of immovable property, in a bid to tighten screw on corruption and black money in the property markets.
- Government rolls back TDS on property sales (Lead) - May 07, 2012
- Levy on unbranded jewellery to be withdrawn: Pranab - May 07, 2012
- India defers GAAR by a year (Lead) - May 07, 2012
- Levy on unbranded jewellery to be withdrawn: Pranab (Lead) - May 07, 2012
- Ajit Pawar presents marginally surplus Maharashtra budget - Mar 26, 2012
- Capital gains tax on private equity lowered - May 07, 2012
- Small investors should not directly trade in equities: SEBI - May 19, 2012
- Income tax exemption limit raised to Rs.2 lakh (Lead) - Mar 16, 2012
- Service tax raised from 10 percent to 12 percent - Mar 16, 2012
- Government to amend law to tax Vodafone-type deals - Mar 16, 2012
- Service tax rate raised by two percent (Lead) - Mar 16, 2012
- Allocation for agriculture up 18 percent - Mar 16, 2012
- No service tax on foreign remittances: Government - Jul 10, 2012
- India defers implementing GAAR for a year - May 07, 2012
- Mukherjee's budget promises tax relief, subsidy cut, reforms (Fourth Lead) - Mar 16, 2012
Tags: agricultural land, black money, budget, compliance burden, corruption, finance bill, finance minister, immovable property, levy, Lok Sabha, New Delhi, pranab mukherjee, property markets, provision, representations, screw, tax deduction, tds, transferee, year 2012