షేర్ చేయండి
 
Comments

CM demands to immediately withdraw the provision of TDS on transfer of immovable property

The provision of TDS is against the interests of people and will adversely affect the federal structure of the country: Narendra Modi

In a letter written to the Prime Minister Manmohan Singh today the Gujarat Chief Minister Narendra Modi demanded to immediately withdraw the tax deduction at source (TDS) on the transfer of immovable properties. Mr. Modi said the newly introduced provision of TDS is against the interests of people and would adversely affect the federal structure of the country.

Mr. Modi said that he has drawn the attention of the Prime Minister about a number of decisions which have been taken by the Central government, adversely affecting the federal structure of the country and autonomy of the States.

The recent Budge has proposed to insert a new provision that every transferee, at the time of making payment or crediting any sum by way of consideration for transfer on immovable property, shall deduct tax at the rate of 1% of sum, if the consideration paid or payable for the transfer of such property exceeds – (a) Fifty lakh rupees, in case such property is situated in a specified urban agglomeration, or (b) Twenty lakh rupees, in case such property is situated in any other area.

The Chief Minister said that by introducing such a provision, it appears that the government of India intends to collect tax at the earliest point of time. Government of India may also be intending to have a reporting mechanism of transactions in the real estate sector.

Mr. Modi said that while introducing such an amendment the Central government has only considered the aspect of tax revenues for its exchequer. It has not considered its adverse implications on other stakeholders.

This will lead to unnecessary harassment to the people at large. It would result in enormous delay in getting the documents registered. Since the proposed procedure involves proof of deduction and payment of TDS, it would complicate the entire procedure and result in delayed processing for registration of the documents, Mr. Modi said.

Dealing with two separate authorities for registration of documents would add to the problems of people. It will also affect the realization of the Stamp Duty, which is an important part of State’s revenues, he said.

The Chief Minister has also pointed out that the Centre has not even cared to consult the States on such a vital issue which affects the common man and also the State’s finances in a big way. It is very clear that to ensure its own income, the Government of India has, once again, overlooked the nation’s federal arrangements, he said.

The Chief Minister asked the Prime Minister to personally intervene in the matter to ensure that this budget proposal is withdrawn immediately.

'మన్ కీ బాత్' కోసం మీ ఆలోచనలు మరియు సలహాలను ఇప్పుడే పంచుకోండి!
Modi Govt's #7YearsOfSeva
Explore More
ప్ర‌ధాన మంత్రి శ్రీ న‌రేంద్ర‌ మోదీ 71వ స్వాతంత్ర్య దినోత్స‌వం సంద‌ర్భంగా ఎర్ర‌ కోట బురుజుల మీది నుండి  దేశ ప్ర‌జ‌ల‌ను ఉద్దేశించి చేసిన ప్ర‌సంగ పాఠం

ప్రముఖ ప్రసంగాలు

ప్ర‌ధాన మంత్రి శ్రీ న‌రేంద్ర‌ మోదీ 71వ స్వాతంత్ర్య దినోత్స‌వం సంద‌ర్భంగా ఎర్ర‌ కోట బురుజుల మీది నుండి దేశ ప్ర‌జ‌ల‌ను ఉద్దేశించి చేసిన ప్ర‌సంగ పాఠం
Whom did PM Modi call on his birthday? Know why the person on the call said,

Media Coverage

Whom did PM Modi call on his birthday? Know why the person on the call said, "You still haven't changed"
...

Nm on the go

Always be the first to hear from the PM. Get the App Now!
...
సోషల్ మీడియా కార్నర్ 19 సెప్టెంబర్ 2021
September 19, 2021
షేర్ చేయండి
 
Comments

Citizens along with PM Narendra Modi expressed their gratitude towards selfless contribution made by medical fraternity in fighting COVID 19

India’s recovery looks brighter during these unprecedented times under PM Modi's leadership –