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The Delhi High Court kept that TDS on External Development Charges (EDC) in a real estate project. It directed that home buyers shall need to bear the load of TDS. A division Bench of the Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav kept that Section 194C applies to EDC paid by real […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
Recently, the State GST department sent out almost 20,000 notifications to a range of taxpayers from different industries, concentrating primarily on real estate developers, requesting explanations regarding their expenses during the 2017–18 fiscal year. GST authorities claim that this scrutiny is a result of the lack of a reliable mechanism to track suppliers’ compliance with […]
The Central Board of Direct Taxes (CBDT) has, through notification, S.O. 3865(E) dated 1st September, granted income tax exemption to Real Estate Regulatory Authorities (RERA) in four different states, as detailed in the attached table at the end of this article under Section 10(46) of the Income Tax Act, 1961. Under Section 10, clause (46) […]
To promote the sale of under-construction properties, real estate professionals and developers are urging the government to rationalize the Goods and Services Tax (GST) on those properties. As buyers must now pay stamp duty, registration fees, and the GST, the selling of houses that are still under construction has dropped. Sales of property that is […]
Real estate companies would have much more financial data for monitoring such as rental income, property sales, commission payments, etc. Ineffective accounting management leads to emerging issues. The major step in handling the finances is to ensure that all the income along with the expenses would be recorded precisely. It renders that posing a system […]
The Government of Odisha circulated the notice about the Odisha Real Estate (Regulation and Development) Amendment Rules 2022. Complying with the direction of the Orissa high court, the State government has revised the Odisha Real Estate (Regulation and Development) Rules, 2017, administrators express. Under the latest rules, the buyers of the home in the state […]
Real estate is a never-ending option for investment and thousands of people every year invest in residential properties for a good return. Earlier in the pre GST period, there were multiple taxes applicable such as stamp duty, VAT, service tax, registration charges and that too with different rates for different states every time. However after […]
The experts have informed that the government is considering a policy to remove the GST payment compliances for the sectors which are impacted the most by the outbreak of coronavirus. A policy to remove any GST (Goods and Services Tax) payment liabilities for a time period of 6 months arising on the sectors which are […]
