Buying Property from a Non-Resident Just Got Easier for Individual Buyers

Purchasing property from a non-resident seller has traditionally involved additional tax at source (TDS) compliance for resident individual buyers and Hindu Undivided Family (HUFs), including the requirement to obtain a Tax Deduction and Collection Account Number (TAN). A resident individual or HUF purchasing immovable property from a non-resident seller was previously required to obtain a Tax Deduction and Collection Account Number (TAN), deduct the applicable…

Understanding Section 194T – A New Era in Partners Remuneration Taxation

Building on the government’s goal of streamlining tax collection with minimal administrative efforts, the Budget 2024 introduces new provisions for deducting TDS on partners’ income from the firm in the form of remuneration & interest. These provisions are effective for payments made on or after 1st April 2025. Section 194T can be summarized as: (1) Any person, being a firm, responsible for paying any sum…