Tuesday, April 15, 2014

Step By Step Guide To Pay 1% TDS on Property in India

How to pay 1% tds on property in India?


1. Go to https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
     Click on Form 26QB (Payment of TDS on sale of Property)

While submitting Form 26QB you may chose to pay via net banking.Once Form is filled & submitted correctly an acknowledgement number will be generated before you are taken to your bank's online system to pay TDS amount.

2. Once Form 26QB is filed you will be taken to netbanking system of the bank you chose while filling Form 26QB

While paying via net banking fill amount as "Income Tax" as explained here. Once payment is made Challan No. / ITNS 280 will be generated which have Challan Serial Number

3. Register on Traces website https://www.tdscpc.gov.in to download form 16B which is to be given to builder as explained here. Please note: Traces website do not open from out of India.

4. Once you are registered successfully and logged on successfully on Traces website, submit a request for Form 16B. First it takes request for Form 16B which becomes available in few hours (Can take up to few days).

5. Log on to Traces website after waiting for few days and see if Form 16B is available to download and download if it is available to download.

Saturday, March 1, 2014

Procedure of getting GPA, General Power of Attorney, attested at Indian High Commision / Consulate

I need to get GPA (General Power of Attorney) prepared to obtain home loan in India against a property. I could not find any relevant information about the process on website of Consulate General of India in Vancouver, BC, Canada. Posting it here for other people looking for similar information.

How to get GPA attested at Indian Embassy/ High Commission / Consulate:

1. Obtain the GPA format from the bank you are dealing with in India
2. Print above on a plain paper (DO NOT SIGN IT YET, you will need to sign it in front of the officer at High Commission / Consulate General of India.
3. Make copies of '2'
4. Take some passport size photos
5. Visit the nearest High Commission High Commission / Consulate General of India.
6. The current fee for "Attestation of affidavits/documents pertaining to sale, purchase, power of attorney, mortgage, transfer, gift etc., of real estate or movable properties or issue of a document by a Consular officer pertaining to such matters" at Consulate General of India in Canada is $32

Your comments will be appreciated if you found this document helpful :-)

Saturday, February 8, 2014

New Overseas Indian Card to replace OCI, PIO cards? | Merger of OCI and PIO cards

A new Bill, which seeks to do away with the existing overseas citizen of India (OCI) card and the person of Indian origin (PIO) card, and replace them with a new overseas Indian card, is being opposed by a large section of Indian overseas, who have been enjoying the benefits of these cards for many years.

The Bill, dubbed amendment to Citizenship Act, has already been passed by the Rajya Sabha and is likely to come up before the Lok Sabha for passage in the current parliament session.

While a PIO card applicant has to be a person of Indian origin who is a citizen of any country, other than Pakistan, Bangladesh, Sri Lanka, Bhutan, Afghanistan, China and Nepal; or a person who has held an Indian passport at any time or is the spouse of an Indian citizen or a person of Indian origin; the OCI card is for foreign nationals who were eligible to become a citizen of India on 26.01.1950 or was a citizen of India on or after that date.

"The idea of merging the PIO card and the OCI card will create more confusion rather than solving any problems. Members of the Indian diaspora, many of whom are OCI and PIO card-holders cannot understand the rationale behind the Indian government's move to suddenly change the nomenclature of the cards and introduce a new one. The OCI card scheme has drawn unprecedented emotional appeal and resulted in huge numbers signing up for it at about 250,000 a year. Applicants have to pay around $ 300 per card and it helps them to connect emotionally to their country of origin," says Munish Gupta, co-ordinator of the Global Organisation of People of Indian Origin (GOPIO) International.

The organisation has officially taken the stand that while Indians overseas had deeply appreciated the gesture of the government of India to create the much-needed emotional engagement with the diaspora through the OCI/PIO cards, by doing away with them they will now feel a deep sense of humiliation.

Read more at:
http://economictimes.indiatimes.com/articleshow/30048500.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

Saturday, January 25, 2014

How To Open Traces Website To Download Form 16B From Outside of India

 How To Download Form 16B From Traces Website Outside of India

Till Date Traces website https://www.tdscpc.gov.in is not accessible from overseas. It's only accessible within India. You will get following error if you try to open website outside of India:


"Site is not available due to technical reason".


Options to download form 16B if you are living abroad:

  1. Hire a Chartered Accountant in India who can help you downloading it
  2. Take help of someone in India to register on your behalf and help you downloading it
  3. Use online tools such as, LogMeInWebEx, GoToMeeting which provides screen sharing option. You can use these tools to take control of computer of someone in your family in India or guide while sharing screens. Your friend or family member can open the site for you and share the screen with you or if you have taken control of their PC you can open it yourself. Personally I used LogMeIn and used remote control feature.
  4. Use a VPN or a Proxy service. Please use paid services only as you would be supplying your sensitive information over the web using these services.


Leave your comments below if you like this post or have any other suggestions to open traces website outside of India.

Friday, January 24, 2014

Reason For Getting 0 (Zero) Balance Amount on Form 16B | TDS on Property

Wondering why you are seeing 0 amount after downloading form 16B from Traces website for paying TDS online? It is most likely that you did not pay the TDS as "Income Tax" as explained on my this http://nriinformation-india.blogspot.ca/2014/01/what-option-to-select-while-paying-tds.html blog post. You will need to contact the concerned officer in IT department to fix this error. As far as I know there is no online mechanism on Traces website to correct this error.

What Option To Select While Paying TDS Through Bank's NetBanking Website

What Option To Select While Paying TDS Through ICICI Bank's NetBanking Website:

After filling and submitting form 26QB on NSDL's website (https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp), I was taken to ICICI's website where I was again given boxes to fill the payment with following categories:

  - Income Tax  
  - Surcharge  
  - Education Cess  
  - Interest  
  - Penalty  
  - Others

It's confusing but you will need to pay TDS as "Income Tax" as TDS is a type of Income Tax as told by my Chartered Accountant in Delhi, India.  

Once payment was made on Bank's site, a "Direct Tax Payment Challan Report" was generated by ICICI Bank which had listed CHALLAN NO. / ITNS 280 on the top left corner of the report. I got confused with this challan no. / itns 280 and wondered if I made the payment right. My father in-law then consulted with an inspector at IT department who said it was all good. The report mentioned Type of Payment as (800) TDS on Sale of Property which is category of income tax.

Thursday, January 23, 2014

Invalid Details Error While Registering on Traces Website India

Are you getting invalid details error while registering on Traces website? There may be one of the following reasons:

- You have not waited enough after paying TDS through Form 26QB. Wait 4 days to a week before trying to register on Traces website. How to register blog can be found here
-  You have not mentioned your First Name. Even though First Name is not a mandatory field but it needs it to complete the registration.
- Other unknown error. Please leave a comment for other after fixing the error.