Dear Sir ,
I have booked an under construction flat jointly with my spouse , total consideration Value is above Rs 50 Lacks . So far 5 installment have been paid by us .
Due to ignorance we forgot to deduct & deposit 1 % TDS , in respect of 1st installment paid in Oct , 2015 & 2nd Installment in Feb 2016 .
We have deducted & deposited 1 % TDS properly 3rd installment onwards .
Please guide if :
1. Pending 1 % TDS of 1st & second installment can be paid in the end after making full payment at the time of registery without attarcting intrest & penalty .
2. 3rd installment onwards two 26QB Challans are generated by us . Can we generate only one 26QB for 1st & 2nd installment TDS , so that penalty can be reduced to two cases only (from four cases) .
3. If TDS for pending cases are to be paid now , then only intrest ( @ 1% of TDS amount) & late fee (max to the extend of TDS amount) shall be paid online , when penalty will be imposed by authorities
4. If there any procedure to avoid late fine & penalty in this case
CAclubindia
