section (1A) of section 192. (2A) Notwithstanding anything contained in sub-rule (1) or sub-rule (2), any sum deducted under section 194-IA shall ... rule (1) or sub-rule (2), any sum deducted under section 194-IB shall be paid to the credit of the Central Government within
rule (3), every person responsible for deduction of tax under section 194-IA shall furnish the certificate of deduction of tax at source in Form ... rule (3), every person responsible for deduction of tax under section 194-IB shall furnish the certificate of deduction of tax at source in Form
section 194-IC.
- After section 194-IB of the Income-tax Act as so inserted, the following section shall be inserted, namely:- "194-IC. Payment ... under specified agreement. - Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration
Section 64 in The Finance Act, 2017
64. Insertion of new section 194-IB.
- After section 194-IA of the Income-tax Act, the following
u/s. 201 &
201(1A) for the part of purchase consideration paid
prior to 1.6.2013 is un-sustainable as provisions of
section 194-IA ... Section
194IA of the Income Tax Act, hence, Section 194IA is not applicable. AO
further observed that sub-section (2) of section 194IA
applicability of section 201(1)
3 .1. Assuming without admitting that tax had to be deducted at source
under section 194-IA , the learned ... trade. The
import of definition of transfer under section 2(47) in context of
section 194-IA would necessarily involve a reference to the term
Section 53 (1) (e) of the Code are inconsistent, these Sections reads as
under:
Section 194 IA of IT Act.
" Section 194 IA ... Section
238 of the Code, Section 53 (1) (e) of the Code shall have overriding effect on
the provisions of the Section 194 IA
holding that in the facts of the
Appellant's case Section 194-IA was applicable and hence the Appellant was
required to deduct ... section 2(47)(v) .Therefore, the payment of compensation by the
appellant in this case, will attract provisions of section 194-IA of the Income
individual and joint owners of the said immoveable property.
8. Section 194-IA which has been invoked in the instant case
reads as under ... intimation issued under section 200A of the Act. In
light of the same, in our view, the provisions of section 194-IA
are not applicable
Bhilwara submitted that as per provisions
of sub-section (1)of section 194-IA of the Income Tax Act, 1961, any person,
being a transferee ... persons separately, Section 194-LA was not
applicable, and in case of a single purchase deed for four persons Section 194-IA will
be applicable
