I wanted to use Form 26QB to pay 1% TDS on Property. I observed 2 fields on the form "Date of Payment/Credit" (to Seller I guess) & "Date of Tax dedcuction". At the bottom of the form I found following notes:
- If Date of deduction is greater than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
- If Date of deduction is less than Date of Payment/Credit, the same may result in Demand Notice for late deduction.
the first note I can understand that if data of tax deduction is greater than Date of Payment/Credit then it can be considered late deduction. I don't know why it says in the next line that if Date of deduction is less than Date of Payment/Credit then it is may also result in demand notice for late deduction? Can some one explain this.
CAclubindia
