Form 26QB for TDS on property
This query is : Resolved
14 November 2024
1st instalment paid for purchase of property was May 24, where no TDS was deducted. However in the 2nd instalment paid in Oct 24 the TDS was deducted @1% on the total purchase consideration. How to show this while filing Form 26QB? Whether interest is to be paid for delay in TDS deposited for 1st instalment?
14 November 2024
Yes, for that you need to file two form 26QB; one each for each installment.
14 November 2024
Thanks for your prompt reply. In the case of First Form 26QB related to payment made in May 24, we will have to deposit TDS along with interest and penalty?
14 November 2024
Correct, only interest for last 6 months.
15 November 2024
While filling the form, it is mentioned - If the date of furnishing Form 26QB is beyond the prescribed due date, it may attract late filing fee u/s 234E. This means penalty amount has also to be paid?
Please advise
Please advise
15 November 2024
No filing or late filing of statement of TDS / TDS returns (Form 26QB) shall invite late fees under section 234E. It should be filed with challan within a period of Thirty days from the end of the month in which the deduction is made. Deductor will be liable to pay by way of fee of Rs 200 per day till the failure to file TDS statement continues. The total fee cannot exceed the amount of TDS deductible for which statement was required to be filed. TDS return cannot be filed without payment of late filing fees. In other words, the late filing fees shall be deposited before filing the TDS return (Form 26QB). It should be noted that Rs. 200 per day is not penalty but it is a late filing fee.
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