we have purchased a new flat costing Rs. 55 lacs. After doing advance payment & all, our agreement cost arrived at Rs. 51,38,300/-. As per the understood rule TDS is deductible as 1% on agreement cost (i.e. 1% on Rs. 51,38,300/- which arrives Rs. 51,383/-).
Agreement date is 22nd September 2015 but till date we haven’t paid the 1% TDS cost as our possession is still pending.
Requesting you to please advise & guide us what can be done.
Note: If we pay TDS on current date then does we liable for the penalty & (if yes) then what would be the penalty amount.
CAclubindia
