Tds on purchase of immovable property - please help
This query is : Open
17 May 2016
Dear Expert
While purchasing a property more than 50 lakhs, I by mistake made the full payment to the seller. I deposited the TDS amount on my own after few months as the seller is not ready to refund the tax portion and he is not ready for any deduction.
After making the payment on my own, i filed Form 26QB. However i have receieved a demand notice for Rs 1 lakh for delay in filing form 26QB. TDS was borne by me which was already a burden, should i pay the penalty also.
Please help what should be done now.
While purchasing a property more than 50 lakhs, I by mistake made the full payment to the seller. I deposited the TDS amount on my own after few months as the seller is not ready to refund the tax portion and he is not ready for any deduction.
After making the payment on my own, i filed Form 26QB. However i have receieved a demand notice for Rs 1 lakh for delay in filing form 26QB. TDS was borne by me which was already a burden, should i pay the penalty also.
Please help what should be done now.
17 May 2016
You will have to file a reply to the demand notice and comply with it. Narrate all the facts to the Assessing Officer and take the plea of bonafide belief. The tax officer may waive the penalty.
Abhimanyu Jhamba
CA/ Advocate 9218999999
Abhimanyu Jhamba
CA/ Advocate 9218999999
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Regis.
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Confusion around Form 26QB fields
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Applicability of Ind As to associate of associate
- RCM INVOICING FROM NOV-2024
- Disallowance of Section 43B(h) to sez units
- GST input booked in relevent expenses
- TDs rate on event Management
- Insurance of new scooty , should be capitalised
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
