Common use of TDS Clause in Contracts

TDS. If applicable, the tax deduction at source (TDS) under the Income Tax laws shall be deducted by the Buyer on the consideration payable to the Developer and the same shall be deposited by the Buyer to the concerned authority within the time period stipulated under law and the Buyer shall provide proper evidence thereof to the Developer within 60 (sixty) days of such deduction. If such deposit of TDS is not made by the Buyer to the concerned authority or proper evidence thereof is not provided to the Developer, then the same shall be treated as default on the part of the Buyer under this agreement and the amount thereof shall be treated as outstanding.

TDS. If applicable, the tax deduction at source (TDS) under the Income Tax laws shall be deducted by the Buyer Purchaser(s) on the consideration payable to the Developer and the same shall be deposited by the Buyer Purchaser to the concerned authority within the time period stipulated under law and the Buyer Purchaser(s) shall provide proper evidence thereof to the Developer within 60 (sixty) days of such deduction. If such deposit of TDS is not made by the Buyer Purchaser(s) to the concerned authority or proper evidence thereof is not provided to the Developer, then the same shall be treated as default on the part of the Buyer Purchaser under this agreement and the amount thereof shall be treated as outstanding.