One of my client purchased property for Rs 127,50,000/- on December 2013. But failed to deduct TDS U/s 194 IA. The registrar has not asked any proof for Tax Deduction and registered the document. Now my client received notice from Income tax department to file the copy of the challan Form 26 QB. Is there any remedy for this? How to proceed further? Please guide me.
7 Replies
CA Inderjeet Sunda
(Chartered Accountant)
(355 Points)
Replied 22 February 2019
Your client have to file FOrm 26QB and Pay TDS along with Heavy Penalty and Interest.
PUSHP KUMAR SAHU
(CA FINAL ASPIRANT)
(3115 Points)
Replied 22 February 2019
you will be liable for penalty and interest under various provisions of income tax act...for non deduction of tax
Mohd. Nadeem Khan
(AAO)
(93 Points)
Replied 23 February 2019
non deduction of TDS will invoke provisions of sec 40(a) (ia) and your clint and entire amount will b taxed in your clients hand
S KUMAR
(PROPRIETOR)
(51 Points)
Replied 23 February 2019
Is it compulsory on registrar to get TDS proof. Since nowadays the registrar insisting TDS proof before release of documents.
S KUMAR
(PROPRIETOR)
(51 Points)
Replied 25 February 2019
If the seller admitted property sale in his return and paid capital gain tax, whether the buyer can escape from TDS liability and penalty proceedings
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