Awareness on TDS held for real estate developers

Visakhapatnam: The TDS Range of Income Tax Department Visakhapatnam organised an awareness program on TDS provisions for the members of the National Real Estate Development Council (NAREDCO) here on Tuesday. Deputy Commissioner of Income Tax Y Vishnu Vardhan Reddy explained the significance of TDS in nation-building. ITO (TDS) M Naveen Kumar spoke on the importance of deducting the TDS at the time of transfer of any immovable property (other than agricultural land) and payment under specified agreement, payments to contractors.

ITO (TDS) G Ravi Shankar insisted on the timely remittances of the TDS deducted to the government account and furnishing of quarterly TDS statements. NAREDCO Visakhapatnam unit president Ch. Nag Kumar, requested the members to be completely aware of the TDS provisions. Along with secretary of the council, V. Sunil and treasurer Bai Reddy, nearly 100 members attended.