Tds return submission

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2016 For property transactions (sale value more than Rs 50 lakhs), the buyer has to deduct TDS against each payment that he makes to the seller and the seller is given a copy of TDS certificate (16B). The question is whether for this TDS against property transaction, the buyer shall have to compulsorily submit TDS return before the due date e.g. before 15th of the next quarter for any TDS of the current quarter and failing which, he has to pay penalty for late submission of TDS return u/s 234E of IT Act?

KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)
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17 March 2016 For Property Tax Deduction buyer has to deduct tds in form 26QB by quoting PAN number of Buyer and seller. No need to file qurtely Return has tds is directly paid to PAN , not by TAN number so Quarterly Return not arise.