Dear Sirs : One of my client is deducting 0.1 % TDS u/s 194 Q from eligible purchasers on the date of making payment to purchaser. The terms of payments are 120 days from date of purchase bill. However while filing TDS quarterly returns, only amounts are shown. The only impact will be non deduction of TDS for purchases outstanding as on 31st March whose payments have been made after 1st April. Till date no adverse notice has been received from TDS / INCOME TAX DEPARTMENT. My humble query is (1) Is this method of deducting TDS is correct (2) What will be the future implications (3) How to rectify his error (4) Can TDS Returns for financial year 21-22, 22-23, 23-24 be revised for above purpose. Please advise. Kind Regards
Dear Sir,
Total Property value: 65L
We (Husband and wife paid total 60L (30L Each and paid 30000Rs each as TDS in previous installment)).
The last and final installment is 2.5 lakh each and TDS amount of 2500 Rs each.
I noticed some of the answers to similar questions, but did not find the exact answer.
Now for the final payment, there is an error I see while filling the form 26QB
payment type: "INSTALLMENT"
Whether it is last installment: "YES"
Amount previuously credited: 30L.
If I select 2.5L : below error:
Difference between total of "Total amount paid/Credited in prev installments if any(A) + Amount paid or Credited currently (B) and Stamp Duty value is more than 20%.
If I select 32.5 L (Stamp duty value 50% - > This I tried based on some of the earier responses that it has to be the proportions, since its wife and husband I put 50% of total here):
This options says, Amount on which TDS to be deducted (D) showing as -> "32.5L" ands its not editable.
So, my worry is the autmated system expects the TDS amount to be 32500, but I pay only 2500 (1% of final payment), and I get a short notice.
Actaully I did pay 30000 in the previous installments., total TDS paid will still be 32500, I'm worried I'll get short notice and I'll have to run behind TDS offices to get it fixed.
The other option I tried is:
if I select "Lumpsum for my final payment, then I can select stamp duty as 2.5 Lakh same as the final payment and then I can 2500
The question:
1. Should I select lumpsump for the final installment and keep stamp duty same as the final installment amount?
2. would it create any problem from seller if I select lumpsump as the final installment ?
3. If I dont select lumpsump and select "final installment as "YES" and pay only 2500 rs instead of 32500 as system would expect. Does system calculate it as TDS paid in the previous installments as 30000 +2500 or will I get short notice, if the TDS paid is not 1% of "TDS on which amount paid filed" regard less what we select ?
please advice
Thanks in advance
Need help in demand received to pay additional 19% on the purchase property. Aadhaar pan of seller was not linked. But now linked. Seller is not cooperating to pay the notice. Also, not agreeing if I will pay the amount and he will give me back next year via itr regular filing. Can we connect. Need help in resolving this. Here is my number 9999773877. Please ping me or share your number.
Hi, I am salaried person. I did some trading in crypto through ZEBPAY and my TDS deducted RS 91.
I have filed ITR-1 but I got Defective notice u/s 139(9) from INCOMETAX department.
Below is the description
Error Description
You have filed your income-tax return in form ITR-1. As per TDS details in your Form 26AS, taxes have been deducted under sections 194IA/194IC/194M/194S/194C/194B/194BB/194BA, etc. of the Income-tax Act, 1961. These sections are reflected as (4IA/4IC/94M/94S/94C/94B/4BB/4BA) in Form 26AS. These sections imply heads of income for which form no. ITR-1 is not the appropriate form. Thus, the required schedules for reporting incomes pertaining to said TDS sections are not present in your return of income filed in form no. ITR-1.
Kindly let me know which ITR from that I need to file. MY salary is less then 50 Lac .
Thanks & Regards
Rajesh J
1- in case the service provider is voluntarily registered as accommodation provider and he is providing accommodation services other than thru ECO like MMT, AIRBNB although still his overall turnover is less than 20L threshold limit, in such case who will be liability to pay GST, ECO or accommodation service provider. Is this clarified or mentioned anywhere, that such voluntarily registered service provider will continue to pay tax on his turnover including thru ECO.
2- Further, how will ECO make out whether the service provider is actually liable for registration or is it that he has just taken voluntary registration, so as to apply exclusion from 9(5) laid out in Not. 17/2017, although language used in Notification 17/2017 states that... except where the person supplying such service through electronic commerce operator is liable for registration under sub-section (1) of section 22 of the said Central Goods and Services Tax Act.
3- is there a clarification issued by department later on this that in case service provider being an accommodation provider or housekeeping service provider is voluntarily registered also, then the ECO is not liable for GST and he can remit the GST collected to such registered service provider to discharge his overall GST liability.
I have paid tds challan including interest in tax amount how can i rectify that?
Which ITR to be filed if salaries and also tax deducted under 194C and 194JB
I have filed an individual itr for A. Y-2024-25. Unfortunately I couldn't be able to pay on 31st july due to server issue, I chose pay later option and filed. On 1st august 2024 I pay the total payable amount in epay tax. And now should I go for revised return or wait for the intimation order? Please help me out.
If TDS was not shown u/s 194N at the time of return of F.Y.2023-24
Can such TDS be claimed by filing Form 71 online?
Hi. My companies previous Auditor has given his Personal Mobile number and email in the Directors KYC and created login credentials in MCA portal. I have updated KYC with the correct mobile number and email ID. But the Login credentials of the directors did not change. What can I do now? That older mobile number and email id are unavailable.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
Deduction and payment u/s 194Q