I have purchased land , What Income Tax compliance I have to do for such land purchased?

• Tax is deductible (TDS) when buyer paid consideration exceeding the Rs 50 lakhs at the time of credit of such amount to the seller or at the time of making payment. 
• For the purpose of computation of threshold limit GST will be included.
• Tax deduction rate is .01 percent In case PAN is not available rate will be 5 percent.

• I have sold land and building to a non-resident. Whether I need to report the PAN of buyer in the table A1/B1 in Schedule CG?
  ​​​As mentioned in ITR form, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
• I am resident and have sold land and building situated outside India. Whether I need to report the details of property and identity of buyer in Schedule CG?
  ​​The details of property and name of buyer should invariably be mentioned. However, quoting of PAN of buyer is mandatory only if tax is deducted under section 194-IA​ or is mentioned in the documents.
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Tax collected at Source on sale of Goods effective from 01^st October 2020

Due date for filing Annual return and audit report under GST has been extended, tax payer got some relaxation however new compliance requirement has been introduced which is applicable from 01^st October 2020 i.e. tax to be collected at source on sale of goods.

Vide Finance Bill, 2020 sub-section (1H) of section 206C of the Income Tax Act has been introduced which has proposed for tax collection at source (‘TCS’ ,will use it in remaining part of post), originally it was scheduled to be effective from 01.04.2020 but later has been provided that section will be effective from 01.10.2020.

I am just trying to explain it in frequently asked question (FAQ) format, hope that it will make easy to understand and comply with Law:- 

Extension of due date for filing Income Tax Return-ITR

Extension or relaxation in due date  under Income Tax Act, 1961

In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government further extended the due date of furnishing Income Tax Return or Audit report under the Act, as well as relaxation has been given by extending period for making invest under section 54 or section 54B or under chapter-VI-A of the Act.

Brief of the Extension or relaxation are as under:-

 

(1)  Extension of due date to file Income Tax return u/s 139

TDS on e-commerce Transactions i.e.194-O

TDS on e-commerce Transactions i.e.194-O

Finance Act 2020 has brought a new section i.e. section 194O, this sections has introduced for TDS on e commerce Transactions,
Tax deduction at source (TDS) or Tax collected at source (TCS) are the most convenient mode of tax collection by the government thus it is a tool to collect tax to minimize the tax evasion by taxing the income at the time when income generated and instead of taxing on a later date.
A new section 194O (i.e. TDS on e-commerce ) has been inserted which requires to ecommerce operator to deduct TDS on the amount sale or service effected through his platform. E commerce operator like amazon, Uber, flipkart, Myntra,Zomato ,swiggy,makemytrip, & this provision will affect the their sellers.. I am making an effort to discuss and explain the impact & implication of the provision in following paragraphs in FAQ format.