19 July 2016
hi ,
i have made an agreement to tell on 29 may to purchase a property and cut check dated 29 may.
the check was cleared in 4 june from bank.
should i require to pay the tax on 7th july or 7th June.
This TDS was earlier required to be deposited within 7 days from the end of the month in which it was deducted.
The income tax department has extended the time limit for depositing TDS on sale of property. Such TDS can now be deposited within 30 days from the end of the month in which it was deducted.
So if you have deducted TDS on property on 8th August 2016, you can deposit it by 30th September.
Do note that these rules apply from 1st June 2016.
Therefore, if any property payments are made before 1st June 2016, TDS will have to be deposited within 7 days from the end of the month in which it is deducted.
19 July 2016
thank you rajesh.
but what is the solution now. i have deposited tax on 7th july without paying any interest or penalty as the check was not presented in may'16 and cleared in june only.
CAclubindia
