26 November 2013
HEY FRIENDS.., My que. is..... 1) If the property had been sold for 72 lacs bt still payment is made of only 65 lacs .... then what will be the amt to b deducted as tds.. 72000 or 65000...
2). if payment not done in specified time limit what will be the interest to b impose???
26 November 2013
TDS is required to be deducted on 65000. . In case of delay in depositing TDS amount interest @ 1.5% p.m or for the part of the month is leviable. .
26 November 2013
You have to keep the phrase in mind "credit or payment which ever is earlier.". In case of advance given of 65.00 lacs deduct 65000/-. But if you are crediting the vendor's account by full amount in the books then TDS is required to be deducted on the full value. . In property transactions, possession also plays an important role. .
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