Can I go ahead with the following details. The confusion is relating the value of "Amount on which TDS to be deducted". If you can kindly suggest.
Total Value of Consideration (Property Value) - 63,00,000/- Payment type - Installment Whether it is last installment ? - Yes Total amount paid/ credited in previous installments, if any (A) - 58,00,000/- Amount paid/credited currently (B) - 5,00,000/- Total stamp duty value of the property (C) - 63,00,000/- Amount on which TDS to be deducted (D) - 63,00,000/- TDS Amount - 5,000/-
It seems that there has been ongoing confusion regarding IT for quite some time. Last month, we handled a case for one of our clients who was purchasing property from PS Group. Even PS Group was unsure about the situation and chose not to take any risks. They advised us to proceed without making the final installment payment.
My question is, if we are making the TDS payment on the final installment, why is the total amount still being reflected as the full amount on which TDS is to be deducted? This seems inconsistent, and I’d appreciate if you can kindly any clarification can offer.
Looking forward to your insights. I need to deposit TDS on Monday.
27 September 2024
Actually it is technical glitch in the app. It is being constantly changing the data, but not came to final stand. Hope it gets rectified to true values.
27 September 2024
Earlier the value in column D & C were auto populated to 5 lakhs as per the final installment, but recently changed to the total consideration, which is already stated in the beginning, so the repetitions are confusing...
27 September 2024
IF value C & D both are auto populated, which cannot be changed, then there is no other option. Retry if these both values can be changed to 5 lakhs !!!
27 September 2024
Sir, we can put stamp duty value and it can be changed as per requirement but we can put the amount Rs. 5,00,000/-. The moment we are putting Rs. 5 lac a warning massage is displaying that "Warning : Difference between total of ‘Total amount paid/ credited in previous installments, if any (A)’ + ‘Amount paid/credited currently (B)’ and ‘Stamp Duty Value (C)’ is more than 20%".
And the "Amount on which TDS to be deducted (D)" is freeze, it can not be changed.
If you confirm then I can share with you the PAN and Password so that you can go through the challan I have saved as per E-Pay Tax.
CAclubindia
