Property tds 1% can be paid later

This query is : Resolved

Abhi (Querist)
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22 November 2013 Hi, My property is above 50 lakhs and I have made the payment to the builder of Rs 7 lakhs on 3 June without filing the TDS. Can I file the TDS now for that payment and submit to the builder (Is their a penalty) or how should I proceed.

thanks
Abhi

Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 November 2013 yes. interest is levied at 1% per month or part of a month till the time TDS is deducted and 1.5% per month or part of a month till the deducted TDS is paid to government.

Abhi

Abhi (Querist)
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23 November 2013 Thanks nikhil...

But it not mention anywhere on the traces site nor the people from tax department / builders are aware of the penalty and how to pay the penalty?

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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23 November 2013 please refer Section 201(1). the interest is to be paid through the Challan 26Qb only.

CA Pallav Singhania

CA Pallav Singhania (Expert)
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23 November 2013 Agree with Expert,

Interest of TDS will be charged @ 1 percent if not deducted and submitted per month..

OR 1.5 percent if deducted per month..