ICAI – Vizag 26th August, 2017REAL ESTATE BUSINESS PRACTICAL INSIGHTS by CA Suresh Babu S Managing Partner M/s SBS and Company LLP [email protected] +91 9440883366
Navigation Peek into Real Estate Sector Revenue Recognition Accounting Aspects Impact of Cash Receipts and Payments Presumptive Taxation Capital Gains – Deemed Transfer Peek into Joint Development Agreement Amendment to Section 45 Deemed Sale Consideration, Section 50C & Section 50D Exemptions Notional Income Reporting Requirements TDS Provisions Un-accounted Income Tax Audit – recent important changes ICDS – Relevant to Real-estate business2 [email protected] www.sbsandco.com +91 9440883366
Outlook Impact of Recent Updates Introduction TopicsJDAs and Tax Issues Deemed Sale ConsiderationExemptions & TDS Provisions Un-Accounted Income & Misc.3 [email protected] www.sbsandco.com +91 9440883366
Outlook - 1 Introduction Topics Peek into Real Estate Sector Revenue Recognition Accounting Aspects4 [email protected] www.sbsandco.com +91 9440883366
Peek into Real Estate Sector Most Lucrative Business in India2nd Largest Contributor to Indian Supports More than 350 Industries Economy after Agriculture 2nd Largest Contributor to Biggest Contributor to the IndianIndia’s GDP – from 5% to 10.6% Urbanization2nd Largest Employer in the Strong Economic Growth, Country Progressive Investment Climate Expected to touch USD 180 Billion by 20205 [email protected] www.sbsandco.com +91 9440883366
Key Operational Challenges High funding cost Stringent regulatory and tax framework Unclear policies Slow pace of infrastructure projects High inflation and fiscal deficit Non-availability of urban land (costly) Rising cost of construction Delay in approvals Relatively low transparency6 [email protected] www.sbsandco.com +91 9440883366
Compliance ChallengesApprovals: RERA, Local Authorities etc.Accounting & Taxation: Accounting, Direct Taxes; GST;Costing, etc.Audit: Statutory and Tax Audits; ICDS; Ind. AS, etc.Labour Laws: Minimum Wages; PF including EPF; ESI,Bonus, Gratuity, Cess etc.Other Acts, Rules and Regulations..7 [email protected] www.sbsandco.com +91 9440883366
Real Estate Business * CADOL – Construction and Development of Land Types CADOL* Purchase and Renting/Leasing Sale Own Own Land / Constructed Land/Purchase Purchase Property Entering JDA Entering JDA Land8 [email protected] www.sbsandco.com +91 9440883366
Methods of Revenue RecognitionThe Revenue is Recognized as per the AS-7 “Construction Contracts” CCM Costs are accumulated until the contracted work is completed and are finally matched with contract revenue to ascertain profit or loss. PCM Revenue and costs are recognised by reference to the extent of contracted work completed.9 [email protected] www.sbsandco.com +91 9440883366
Accounting & Taxation Builder or Developer Land Owner General documents may be entered for sale of property: Agreement of Sale Sale Deed Construction / Development/ Supplementary Agreements Specified Agreements, if any10 [email protected] www.sbsandco.com +91 9440883366
Outlook - 2 Impact of Recent Updates Cash Receipts and Payments Presumptive Taxation Capital Gain – Deemed Transfer11 [email protected] www.sbsandco.com +91 9440883366
Cash Receipts and Payments Particulars 269SS 269T 269STScope of the Receipt of loans, Payments of loans No person should receive in cash insection deposits and specified sum or deposits or relation to: specified sum • in aggregate from a person in a day; • in respect of a single transaction ; or • in respect of transactions relating to one event or occasion from a personApplicability of this Any Person taking or Any person paying Any person receiving any amountsection acceptingMonetary Limit INR 20,000 INR 20,000 INR 2,00,00012 [email protected] www.sbsandco.com +91 9440883366
Cash Receipts and PaymentsParticulars 269SS 269T 269STException Government; Any banking company, post office savings bank or co-operative bank; Any corporation established by a Central, State or Provincial Act; Any Government Company 11 as defined in • transactions of section 617 of the Companies Act, 1956 (1 of the nature referred to in section 269SS; 1956); • such other Such other institution, association or body or class persons or class of persons or receipts, of institutions, associations or bodies which the which the Central Government may, by Central Government may, for reasons to be recorded Notification in the Official Gazette, specify. in writing, notify in this behalf in the Official GazettePenalty U/s 100% on such receipt U/s 271D 100% on such 100% on such receipt U/s 271DA wef; 01- payment U/s 271E 04-2017Remarks Amount should be paid/ received by account cheque/draft or electronically through bank account13 [email protected] www.sbsandco.com +91 9440883366
Examples of 269ST - Violation In aggregate from a • Mr. A transfers’ immovable property worth Rs.5,00,000 to person in a day Mr. B and generates 5 different bills of Rs.1,00,000 each and accepts cash in a single day at different times; a single transaction • Mr. A transfers’ immovable property worth Rs.5,00,000 to One event or Mr. B and generates one single bill for Rs.5,00,000. He occasion then receives cash Rs.1,75,000 on Day 1, Rs.1,75,000 on Day 2 and Rs.1,50,000 on Day 3 then;14 [email protected] • Mr. A books a wedding party at a hotel and the hotel makes a bill of Rs.1,50,000 for Food and Rs.1,00,000 for Hall Charges and accepts cash Rs. 2,50,000 from Mr. A then; • Even if they are 2 different types of expenses but for the same wedding. www.sbsandco.com +91 9440883366
269ST may become applySale proceeds of Goods Advance against sale of Hospitals, Educational Institutions or Services; movable goods/provision of service etc., or immovable propertiesAdvance taken or Withdrawal of capital/ Profit in Recovery of Loan and interestreimbursement of Firm expendituref Introduction of capital by partner in Firm; issue of share capitalGift in Cash and gift from a relative also covered. The parties Transactions of loan or deposit Donations received by Trust between agriculturists may be exempt U/s 269SS but other transactions between agriculturists are not exempt U/s 269ST.15 [email protected] www.sbsandco.com +91 9440883366
Cash Payments Sec 32/43(1): No depreciation on Payment should be made No claim of Depreciation Depreciation / Actual Capital Expenditure through Banking Applicable incurred in cash of more Cost than Rs. 10,000/- Channels only either by Wef. 01.04.2017 account cheque/draft or Sec 40A (3) No cash payment in Dis allowance ofReportable in clause 21 relation to expenditure electronically through expenditure bank account (d) of Form 3CD of more than Rs. Applicable wef. 01.04.2017 10,000/-16 [email protected] www.sbsandco.com +91 9440883366
Presumptive TaxationTo get relief to from this tedious work of maintenance of Books of accounts,a small taxpayer can opt for presumptive taxation under section 44AD, 44AEor 44ADA upon satisfaction of the prescribed conditions: Deemed net profit will be as under: 1. Non Cash Sales (Receipts through Online Transfer, Account Payee Cheque/ Draft, NEFT, RTGS) – Deemed Net Profit shall be 6% of Total Turnover or Gross Receipts. (To encourage non-cash payments through bank or digital channels) 2. Cash Sales – Deemed Profit shall be 8% of Total Turnover or Gross Receipts.17 [email protected] www.sbsandco.com +91 9440883366
Presumptive Taxation Eligible Assessee • Individual, HUF or Partnership Firm Eligible Business • Any business except the business of plying, hiring or Non-applicability leasing goods carriages referred to in section 44AE and18 [email protected] • whose total turnover or gross receipts in the previous year does not exceed an amount of two crore rupees. • Professionals referred in 44AA(1) – 44ADA, total gross receipts should not exceed Rs.50L - tax @ 50%. • LLP & Company • A person earning income in the nature of commission or brokerage, or • A person carrying on any agency business. www.sbsandco.com +91 9440883366
Consequences of Section 44ADConsequences if assessee opted Presumption Taxation: required to follow the same scheme for next 5 years. If assessee failed to do so, then presumptive taxation scheme will not be available for next 5 years. U/ s 44AD or 44ADA is liable to pay whole amount of advance tax on or before 15th March of the previous year, any amount paid before 31st March shall also be tread as advance tax paid during the FY. Failure to pay the advance tax attracts interest as per section 234B & 234C Expenditure in nature of salary/ remuneration, interest paid to partners shall no longer be allowed.19 [email protected] www.sbsandco.com +91 9440883366
Deemed TransferLand held as Section 2(47)(v) r.w.s Taxable as CapitalCapital Asset 53A of Transfer of Gain Property Act Definition of CapitalLand held as Stock- Whether Section 2(47) Asset (u/s 2(14) in-trade r.w.s 53A of Transfer of Property Act applies? specifically excludes stock-in-trade20 [email protected] www.sbsandco.com Taxable as Business Income +91 9440883366
Deemed Transfer Conversion of F.M.V as on the date of Sale Price (-) F.M.VCapital Asset into the Conversion as on the date of Stock-in-trade - the Conversion Sec 45(2) Taxable as Business Income Benefits Taxable as Capital Gain in the year of Sale • Genuineness to be Reason for provided for tax purposes. Conversion • To overcome the • Section 50C applies to21 [email protected] provisions of eventual sale? Section 50C +91 9440883366 • To claim expenses • To claim the set-off of past unabsorbed business loss www.sbsandco.com
Deemed Transfer – Example X acquires land on 01.06.1981 (FY: 1981-82) for Rs.6,00, 000. He converts his land into stock in trade of his real estate dealing business on 18.02.2016 (FY: 2015-16) where FMV of land was Rs.70,00,000/-. Stock in trade was sold by him on 18.03.2017 (FY: 16-17) for Rs.90,00,000/- In this case he would be liable to Capital gain in FY: 2016-17 as follows:Full Value of Consideration 70,00,000Less : Indexed cost of acquisition (6,00,000*1081/100) 64,86,000 Long Term Capital Gain 5,14,000 Business Income would arise in year of sale - FY: 2016-17: 90,00,000 70,00,000 Sale proceeds of House Property 20,00,000 Less : Fair market value on date of transfer Business Income22 [email protected] www.sbsandco.com +91 9440883366
Deemed TransferConversion of Stock- Whether taxable as on Period of holding forin-trade into Capital the date of conversion? computing Capital Gain Asset Benefits From the date of From the date of Acquisition conversion into capital Reason for Conversion • To make use of asset?23 [email protected] brought capital loss. • Genuineness to be • To avail the provided for tax purposes concessional rate of tax applicable to +91 9440883366 long term capital asset. www.sbsandco.com
Deemed TransferParticulars Transfer of assets by way of Capital Distribution of assets on dissolution of Contribution Firm/AOP/BOI or otherwiseSection 45(3) 45(4)Transferor Individual (member) Firm/AOP/BOITransferee Firm/AOP/BOI Individual (member)Full Value of The value of capital asset as recorded Fair market value as on date of transferConsideration in the Books of firm/AOP/BOIYear of In the year in which transfer took In the year in which transfer took placeChargeability placeApplicability of 56(2)(vii) ?????? & 50C24 [email protected] www.sbsandco.com +91 9440883366
Compulsory AcquisitionCompulsory Acquisition under any Law/CG/RBI - Sec 45(5) Full value of consideration : Compensation or consideration received. Year of taxability : Capital asset is chargeable to tax in the year in which such compensation / consideration is first received. Other points : Any subsequent enhancement of compensation or consideration shall be chargeable in the year in which such amount is received under head “Capital Gains”. Sec – 194LA : Any payment made to resident on account of Compulsory acquisition shall be subjected to TDS @ 10%. However no deduction shall be made where payment does not exceeds Rs.2,50,000/-. Any consideration received from Compulsory acquisition of Agricultural Land is exempt 10(37).25 [email protected] www.sbsandco.com +91 9440883366
Outlook - 3 JDAs and Tax Issues Peek into Joint Development Agreements Amendment to Section 45 Case Laws26 [email protected] www.sbsandco.com +91 9440883366
Peek into JDA • No Heavy Investment • Payment to landowner can Monitory be made as and when Consideration To Developer collections are made from the customer or by sharing Non-Monitory of the built up area with the Consideration landowner To Land Owner Landowner with low technical insights on real estate development can now reap the benefits of higher consideration on sale of developed estate than outright sale of land.27 [email protected] www.sbsandco.com +91 9440883366
Peek into JDA It is a specified The parties to this agreement do The land owner does notagreement between not form a partnership firm or an contribute his land to any entity as the parties Association of Person there is no separate entity assessable to tax √The parties agree to The arrangement entered between Legal title, Control and domain share the Built up the parties is made known through over the property continues toarea or Revenue of remain with land owner till the the sale agreement to the the project prospective purchasers completion of the project √ The parties to the agreements are normally The parties agree to file their respective Incomeresponsible for their respective actions under the Tax Returns separately in respect of income received or accrued to them √ respective enactments as per the terms of Development Agreement √28 [email protected] www.sbsandco.com +91 9440883366
Capital Gain u/s 45(5A) Existing • CG is chargeable to tax in the year in which transfer takes place.Amendment • execution of JDA between the owner of immovable property and the developer triggers the CG Liability. • Applicable only to Individual & HUF. • to minimise the genuine hardship which the owner of land for payment of taxes. • Taxable in the year of completion of the project subject to conditions. • JDA entered before 31-03-17, but possession handed over on after 01-04-17 – 45(5A) applies.29 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – ApplicabilityThe section 45(5A) applies if all the following conditions are fulfilled:S. No. Conditions(a) The Assessee is an Individual or HUF(b) Capital gains arise to the assessee from transfer of a capital asset(c) The capital asset is a land or building or both. Applies on any type of land whether residential or commercial or agricultural or non-agricultural(d) The transfer is made under a specified agreement(e) The consideration for the assessee includes or consists of a share in the land or building or both in the project(f) The assessee has not transferred his share in the project on or before the date of issue of the certificate of completion (\"CC\") for the whole or part of the project as issued by the competent authority.30 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – Other PointsSec 194-IC. - Any person responsible for paying to a resident any sum by way of monetaryconsideration under JDA shall deduct tax @10 % (w.e.f 01-06-2017) Period of holding is reduced from 36 months to 24 months in case of immovable property, being land or building or both to treat it as short term capital asset Base Year shifted from April 1st, 1981 to April 1st, 2001 for all assets including immovable property. Base Year Shift helps the investor as now prices are more realistically calculated accounting for inflationSection 45(5A) does not apply to joint development agreements executed by two developers whoare holding the land and buildings as stock-in-trade31 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – Other Points Under JDA, Land owner receives few units of building capital gains is postponed, This section states that the as a consideration whichHowever there is no change taxability for land owner will might be sold further by land in the date of arise only in the year of transfer/period of holding receipt of completion (part owner. In that case cost of or full) certificate for the real Hence, whether the land or estate project irrespective of acquisition would be deemedbuilding is short term or long actual time of transfer of consideration as per section term would depend on land, execution of agreementprinciples laid out in section etc. This will determine the 45(5A) √2(42A) and not on the basis period of holding of the assetof postponement of taxation Likewise, the indexed cost of as well √ acquisition, which is linked U/s 45(5A) with the year in which an asset is \"transferred\" will remain the same under the general provisions as well as under section 45(5A). √32 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – ConsiderationAfter fulfilling the conditions ExampleStamp • A, an individual enters into a JDA with a developer B Duty on 21.05.2017. Under the agreement, A is to receiveValue Rs. 12 lakhs from B and 1,00,000 Sq.ft. of developed area in Kadapa. Consideration • The COC of the project is issued in FY: 2018-19 & the Cash stamp duty value of the developed area as on the date of issue of completion certificate is Rs. 5.04 crores. In such a case. • the full value of consideration received or accruing as a result of transfer would be Rs. 5.16 crores (Rs. 5.04 crores + Rs. 12 lakhs). • Capital gains shall be chargeable to tax in assessment year 2019-20 corresponding to the previous year 2018-19.33 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – ConsiderationNon-Applicability of Section 45(5A): If the assessee has transferred hisshare on or before the date of issue of the completion certificate bycompetent authority Capital gains shall be deemed to be the income of the previous year in which such transfer takes place, Normal provisions will apply for the purpose of determination of full value of consideration received or accruing as a result of the transfer. For more clarification refer table below:34 [email protected] www.sbsandco.com +91 9440883366
Sec 45(5A) – Consideration35 [email protected] www.sbsandco.com +91 9440883366
Section 45(5A) - Case Laws Dy. CIT v. Jai Trikanand Rao [2013] 37 taxmann.com 125 (Mum. - Trib.) The assessees were co-owners of property purchased by their ancestors in 1947. They entered a collaboration agreement with builders for developing land and getting flats built on it. Under the agreement, assessees got 56% of total built-up area and transferred 44% of land to builders. It was held that consideration for transfer of 44% land was cost of construction of 56% built-up area, which was to be incurred by builder. ITO v. N. S. Nagaraj [2014] 52 taxmann.com 511 (Bang. – Trib.) The Tribunal observed that full consideration was the cost of construction incurred by the builder on the assessee's share of constructed area, because the assessee would receive constructed area in lieu of the land share. Whatever is the expenditure incurred for constructing that area was a consideration in kind to the assessee.36 [email protected] www.sbsandco.com +91 9440883366
Section 45(5A) - Case Laws Prabhandam Prakash v. ITO [2008] 22 SOT 58 (Hyd. - Trib.) The promoter was to give 43% of built-up area to assessee in new complex and 57% of this area was to be owned by promoter. It was held that cost of construction of 43% of built up area was to be total sale consideration for assessee for transferring land and existing structure. CIT v. Khivraj Motors [2015] 62 taxmann.com 305 (Kar.) The assessee arrived at consideration by taking cost of construction at Rs. 800 per sq. ft. which was agreed upon between parties. However, cost of construction at Rs. 800 per sq. ft. was substituted by the AO by project cost. It was found that builder paid non-refundable amounts to landlord and tenant to acquire vacant possession of property. Further, advertisement cost had been incurred by him. It was held that these amounts could not be taken as part of cost of construction.37 [email protected] www.sbsandco.com +91 9440883366
Outlook - 4 DeImempeacdtSoafleReCcoennstidUepradtaitoens Section 50C Section 50D38 [email protected] www.sbsandco.com +91 9440883366
Deemed Sale Consideration – Sec 50CSpecial Provision for Full value of Consideration :The very purpose of this section is that undisclosed income arising asCapital Gain should be taxed in the hands of the assesse.The section states that : • The asset is the Capital Asset (land or building or both) • Value is less than the value adopted by authority of a State Governmentfor the purposes of section 48 the value shall be “The value so adopted orassessed by Stamp valuation Authority shall be the Full value of theConsideration received or accruing as a result of such transfer”.39 [email protected] www.sbsandco.com +91 9440883366
Deemed Sale Consideration – Sec 50CThe new proviso inserted by “Provided that where the date of the This amendment says stamp agreement fixing the amount of duty valuation of property onFinance Act 2016 w.e.f consideration and the date of the date of execution of the registration for the transfer of the agreement to sell should be01.04.2017 is a rationale step adopted instead of the capital asset are not the same, the valuation on the date ofby Income Tax Simplification value adopted or assessed or execution of the sale deed if the agreement date andCommittee (Easwar assessable by the stamp valuation registration dates are different authority on the date of agreementCommittee) which removed may be taken for the purposes ofthe hardship of assesse computing full value of consideration for such transfer”40 [email protected] www.sbsandco.com +91 9440883366
Deemed Sale Consideration – Sec 50C FMV by Valuation Officer is higher than the Stamp duty value : a. If the value of Land/building assessed by the Assessing officer (AO) is higher than the market value and the assessee object such value. The AO may refer it to Valuation Officer for valuation. b. The AO should take value of land/building as Stamp duty value assessed by himself or FMV assessed by Valuation Officer, whichever is lower.Stamp duty value assessed is more than fair market value: a. If the assesse claimed before Assessing Officer that the value adopted or assessed by the stamp valuation authority under sub section (1) exceeds the fair market value of the property as on the date of transfer, the AO that he may refer the valuation of capital asset to Valuation officer41 [email protected] www.sbsandco.com +91 9440883366
Deemed Sale Consideration – Sec 50DFair Market Value Deemed to be Full Value of Consideration:This section is applicable when there is “Transfer” of capital asset. Suchtransfer should be an absolute transfer under section 2(47) of the IncomeTax Act, 1961. Applies to cases where consideration is present (received or accrued). But cannot be DeterminedSay for land and building consideration is unascertainable or cannot bedetermined. In such cases, FMV of such land and building as on the date of transfer shall be deemed to be the full value of consideration.42 [email protected] www.sbsandco.com +91 9440883366
Outlook - 4 Exemptions &ImTpDaSctProofvRiseicoennst Updates Exemptions Notional Income TDS Provisions43 [email protected] www.sbsandco.com +91 9440883366
ExemptionsPARTICULARS SEC 54 SEC 54F SEC 54EC Individual/ HUF Any PersonExemption to be claimed Individual/ HUFCapital Asset Long Term Long Term Long TermEligible Specific Asset Residential HP Any LTA (other than Any LTA Residential HP)Type of asset should be Purchase within 1 year before transfer or 2 years after Within 6 Months from theacquire to get the benefit transfer or Construction within 3 years after the date date of Transferof exemption of transferAmount Exempted Investment in new asset Capital Gain*Amount Investment in new asset or capital gain whichever Invested/ Net Sale or capital gain whichever is lower Consideration is lower44 [email protected] www.sbsandco.com +91 9440883366
ExemptionsPARTICULARS SEC 54 SEC 54F SEC 54ECConditions or If the new asset is a) Owns more than one If the new asset isExemption revoke in a transferred within 3 years residential house property transferred or it is as on the date of transfer converted in to money orsubsequent year of its acquisition. b) Within one year before the date of transfer of original asset, there is a purchase of a loan is taken on security of the new asset within 3 other residential house years of its acquisition. property other than new house. c) Within two / three years of transfer of original asset, assesse had purchased / constructed another residential property other than new asset.45 [email protected] www.sbsandco.com +91 9440883366
Exemptions PARTICULARS SEC 54 SEC 54F SEC 54ECExemption revoked- STCG LTCG LTCGtaxable as LTCG/ STCG Yes Yes NOScheme of Capital Gains OneAccount deposit is In India only Rs. 50L per Assessee inapplicable One NHAI or REC or anyInvestment Notified Bonds by CG Section 50C may applyNumber of Properties only in case of “Land” Section 50C may applyDeemed sale Section 50C may applyconsideration46 [email protected] www.sbsandco.com +91 9440883366
Notional IncomeWhere immovable property say land and building is received in form of Gift, the taxability is as follows :Particulars 56(2)(vii) 56(2)(x)Provision in force Till 31.03.2017 On or after 01.04.2017Recipient Individuals and HUF All assesseTAXABILITY : If the asset is received Taxable Value :Without consideration i.e.,Stamp duty value > Rs. 50,000 • Stamp duty valueWith Consideration is less than stamp duty value by an • Stamp duty value of property as exceedsamount exceeding Rs.50,000 consideration as per the ActGifts received from following are not taxable:➢ Relative ➢ Under will / by Inheritance➢ On occasion of marriage of individual ➢ Local Authority➢ In contemplation of death of payer or donor ➢ Trust or Institution registered U/s12AA47 [email protected] www.sbsandco.com +91 9440883366
Reporting RequirementsSection 285BA read with rule114E To keep a watch on high value, the Income-tax Law has framed the concept of “Statement of Financial Transaction or Reportable Account” Under this statement the following is to be reported : Any Purchase/Sale of immovable property for an amount of Rs.30,00,000 or more or Valued by the stamp valuation authority at Rs.30,00,000 or more Other Points : Transaction is to be reported in Form 61A (under SFT- 012) Reporting Person : Inspector General or Sub Registrar (appointed under Registration Act)48 [email protected] www.sbsandco.com +91 9440883366
Tax Deducted at Source (1/7) Particulars 194IB - Payment of rent by certain 194J - Fees for professional or technical individuals or HUF servicesPayerPayee Individual / HUF Any PersonNature of Payment Resident Payee Resident (not an individual/HUF)Rate of DeductionThreshold limit Rent ➢ Fees for Technical / Professional Services ➢ Remuneration or Commission or Royalty ➢ Sum referred to in clause (va) of sec 28 @ 5 per cent @ 10 per cent Rs.50,000/- per month Rs. 30,000/-49 [email protected] www.sbsandco.com +91 9440883366
Tax Deducted at Source (2/7) Particulars 194IB - Payment of rent by certain 194J - Fees for professional or technical individuals or HUF servicesOther Point to be Rent - Payment, made under Assesses who are engaged in the businessconsidered any lease, sub-lease, tenancy of operation of call centre tax is to be or any other agreement or deducted @ 2 per cent arrangementDue date to deposit Within 30 days Government deductee: Same day oftax deduction Other deductee: Within 7 daysForm 26QCCertificate of Form 16-C (to be issued by deductor)deduction50 [email protected] www.sbsandco.com +91 9440883366
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