New TDS On Buying 50 Lakh Property! Be Careful!

It is already known that the goods and service tax department has been very particular when it comes to imposing new regulations on the common folk. There is a significant change to the proposition now with regard to TDS that is imposed on buying new properties.

Previously, consumers used to ignore the TDS proposal on properties which invite 1% TDS on properties valued at more than Rs 50 lakh.

Both the buyers and the consumers used to focus only on the registration tax and related financial matters while the TDS was largely postponed or even evaded at times.

However, that is not going to be the case anymore as the concerned department has made it very clear that postponing the TDS payment on property purchases of more than ₹50 lakh will invite upto 20% fine.

From now on the delay in the filing of the TDS procedure will require the consumer and buyer to pay upto 20% in fines for delay. This was communicated by the authorities earlier and could come to implementation very soon.

This has become a topic of discussion already as the concerned department has made it very clear that buying a new properties worth more than ₹50 lakh will need to be registered digitally as well.

This would essentially mean that the entire process is streamlined to the fullest capacity, and there is no space for tax evasion or TDS misfiling from now on.

It has to be seen how the common public would be reacting to this new proposal of digital surveillance and also additional fine on late payments.