TDS (Tax Deducted at Source) on Property and TDS Returns is an essential service provided to Non-Resident Indians (NRIs) to ensure compliance with tax regulations related to property transactions in India. TDS on Property refers to the mandatory deduction of tax at the time of property sale or purchase, while TDS Returns involve filing the necessary returns and reporting the details of TDS deductions to the Income Tax Department.

TDS on Property is applicable when an NRI sells or purchases a property in India. As per the Income Tax Act, a certain percentage of the transaction value is required to be deducted as TDS by the buyer at the time of making the payment to the NRI seller. The TDS rates and rules vary depending on factors such as the type of property, its value, and the residential status of the buyer and seller.

The responsibility of deducting and depositing the TDS lies with the buyer. Failure to deduct or deposit TDS on Property can result in penalties and legal consequences. NRIs are advised to ensure compliance with TDS requirements and seek professional assistance to fulfill their obligations.

TDS Returns involve filing periodic returns with the Income Tax Department, disclosing the details of TDS deductions made on property transactions. The returns provide information about the deductor (buyer), deductee (seller), property details, TDS deducted, and other relevant particulars. TDS Returns must be filed on a quarterly basis before the specified due dates.

Engaging in TDS on Property and TDS Returns services ensures adherence to tax regulations and facilitates smooth property transactions for NRIs. It helps in avoiding legal issues, ensuring transparency, and maintaining a proper tax record.