Tds deduction

This query is : Resolved

ramesh (Querist)
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24 May 2016 Dear Sir
i have purchased Immovable property on October 2013 Rs.83,00,000/- not deduct TDS 1%
today i paying TDS 1% Rs.83,000/- + interest
so TDS Will Be Settle against Income tax paying amount

CA Shubhang Goyal

CA Shubhang Goyal (Expert)
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24 May 2016 The tax should be deposited within seven days from the end of month of deduction accompanying by a statement-cum-challan in Form 26QB. Where any person does not deduct,does not pay or fails to pay after deduction shall be treated as assesse in default.Assuming you have not deducted the tds, interest would be levied at 1% for every month upto the date of deduction and 1.5% for every month after the date of deduction if not paid.Further penalty under section 234E would be levied at the rate of Rs. 200 per day from the due date of furnishing Form 26QB i.e 7/11/2013 in your case which cannot be more tds amount which is Rs.83,000/- .

Summarizing above matter the total amount payable by you would be around
Tds:- Rs.83,000/-
Add: Interest Rs.26,560/-
Add: Penalty Rs 83,000/-

Total Rs. 1,92,560/-

Regards,
CA Shubhang Goyal

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ramesh

ramesh (Querist)
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25 May 2016 but sir i have pay 57 lakhs advance before effective date : 1.6.2013
if any change for payble TDS amount and interest

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CA Shubhang Goyal

CA Shubhang Goyal (Expert)
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25 May 2016 In that case Section 194IA is not applicable.No tds is to be payable by you