26qb
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2018
Property was purchased on 30.08.2017 for 80 lacs.
Full payment was made of Rs.80 Lacs to seller and no tds was deducted.
Now, on getting knowledge of provision, decided to deduct tds of 80000/- after taking payment from the seller.
What would be the consequences and demand and interest and late filing fee, if any.
Thanks in advance
Full payment was made of Rs.80 Lacs to seller and no tds was deducted.
Now, on getting knowledge of provision, decided to deduct tds of 80000/- after taking payment from the seller.
What would be the consequences and demand and interest and late filing fee, if any.
Thanks in advance
12 March 2018
1. basic Demand you already know i.e. Rs 80000
2. Interest payable at 1% per month
3. Late filing Fees: 200 per day with maximum amount limited to Rs 80000
If the form is not filed within 1 year of the due date, penalty under 271H can be levied too
2. Interest payable at 1% per month
3. Late filing Fees: 200 per day with maximum amount limited to Rs 80000
If the form is not filed within 1 year of the due date, penalty under 271H can be levied too
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 March 2018
Late filing fee will be leviable from 30.8.2017 (date of registry) or if i choose to put date of deduction as today 12.3.18 and deduct tax today and deposit, then also late filing fee will be levied ?
Should i put date of deduction as 12.3.18 and pay tax immediately and download Form 26QB then what would be consequences ?
Should I pay 80000 tds only and interest whatever will be paid when demanded ?
Should i put date of deduction as 12.3.18 and pay tax immediately and download Form 26QB then what would be consequences ?
Should I pay 80000 tds only and interest whatever will be paid when demanded ?
12 March 2018
fees is levied from the due date for filing 26QB. Which in your case will start on 1 October 2017.
You need to pay the tax, interest and fees together
You need to pay the tax, interest and fees together
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