Homebuyers get respite from tax notice against deducting less tax from sellers with inoperative PANs Moneycontrol.com
On April 23, the Income Tax Department issued a circular that gave some much-needed relief to many homebuyers issued tax deduction at source (TDS) notices due to the Permanent Account Numbers (PAN) of property sellers being inoperative. The circular gave the homebuyers a breather from the liability of tax notices against TDS deductions that fell short, provided the property sellers link their PAN and Aadhaar by May 31. As per Income Tax regulations, homebuyers must deduct TDS at the rate of 1 percent of the sale consideration if the value of the property being purchased exceeds Rs 50 lakh.
