16 March 2016
buyer has made the default in deducting the TDS u/s 194IA for FY 2013-14 however, Seller has paid the tax i.(capital gain) etc Kindly advice now what buyer should do ?? he cannot now deduct tds (cannot collect the amount of tax from seller) & if buyer will pay from his pocket then there will be double taxation of same transaction...
Note : buyer has received the notice on 4-3-16 for default made u/s 194IA. from IT department having sub of "Calling for info. regarding investment in immovable property" & gave time limit of only 10days to make the default good...
16 March 2016
Also anyway if penalty provisions are initiated against buyer then it will be only upto the amount of tax but if i calculate the interest or late fee then it is going more than amount of tax then in that case what should be done ??
In my opinion, As per first and second proviso of 201(1), Assessee can't be deemed to be an assessee in default if he complied the condition given in these proviso, else you have no option.
If you won't able to fulfill the above condition then take advise from any tax consultant.
CAclubindia
