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Monday, December 23, 2024 | 08:37 PM ISTEN Hindi

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Deduct TDS when buying property from NRI or else face penalties, fines

With the income tax department deciding to focus on property transactions involving NRIs, non-compliance can result in penalties and fines

tax, income tax, TDS
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tax

Sanjay Kumar Singh
Media reports suggest that income tax officials will focus on tax deducted at source (TDS), especially in case of sale of property by non-resident Indians (NRIs). The department also aims to carry out surveys to detect non-compliance regarding withholding tax. Both NRIs and those who make payouts to them need to understand the TDS provisions applicable or risk punishment.    

India follows a source-based taxation regime for NRIs. NRIs' income that is received or deemed to be received in India, and income that accrues or arises or is deemed to accrue or arise in India, is taxed here. As for

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