03 April 2015
Dear All, I have a question about the non-payment of TDS. The matter is I had paid an amount of 10 lakhs as advance for purchase of an immovable property. But I had not deducted any TDS. Now what should I do? How much should I pay the TDS? How the interest will be paid? Is there any clause for this case? Please suggest me on this.This is urgent.
04 April 2015
No TDS is required to be deducted where the consideration for the transfer of an immovable property is less than fifty lakh rupees. (So do Check the total consideration. If its below Rs 50 Lacs then no issue of TDS).
As per section 201(1A), in case of failure to deduct Tax or short deduction of TDS, interest @1% will be levied for every month or part of the month, on the amount of tax, from the date on which tax was deductible to the date on which the same is deducted.
You can also check out article from below link for details:
04 April 2015
So you need to calculate interest from May 2013 till the month of deduction and payment of TDS.
If you had not deducted TDS at the time of making advance payment then you need to pay interest on late deduction of TDS from May 2013 to April 2015 @1% per month. Assuming you book and pay TDS in the month of April 2015.
04 April 2015
The property value is 1.13 crore but payment till date is 26 lakhs. The 1st payment was on nov 2013 of Rs. 10 lk. I have not deducted ant TDS till now Do I need to deduct or pay TDS now. If yes please guide me what amount i have to pay and how?
04 April 2015
Ok Thank you Sir for all your valuable advice. One thing, Do I have to deduct TDS on every time I pay the Instalment further. And is there any penalty other than interest I have to pay?
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