Need help with Form 26QB throwing errors for final installment difference btw total a+b+C is > 20%

SuchinblrEngineerpro badge (Engineer) (21 Points)

10 August 2024  

Dear Sir/Madam,

 

I have payed 1CR  so far in multiple installments and kept payinf TDS for every installment, for the final payment of 13 Lakhs.

 

I have an issue and need help.

While filling the form 26QB I selected the following

 

Approach 1:

  1. Payment type: "Installment"
  2. Last Installment - YES
  3. Total credited so far/already payment made (A): "1 CR"
  4. Amount paid currently (B): 13 L
  5. Total Stamp Duty of the poperty: (If Put 13 L) I get Error: "Difference btw A + B +C is greater than 20%"
  6. Total Stamp Duty of the poperty: (If I put 1.13CR total value of the propoerty) I get TDS on which amount to be paid "1.13CR" and its not editable filed.

The question is if I go ahead and pay TDS amount of 13000Rs, while the system says TDS on which amount paid is 1.13CR, I'll get Short notice as its auto generated message and I have to deal with it at the TDS office. (I got a short notice for the similar incident where I ignored and payed less that what was shown in the "Amount on which TDS needs to paid, the only difference was it was not a final payment, so I selected final payment: No")

Need your advice please ?

 

Approach 2:

From the earlier posts in the caclibindia, there was suggestion to use payment type as "Lumpsum"

I select the following in form 26QB.

  1. payment type as "Lumpsump",
  2. amount credited will be "13L",
  3. stamp Duty: 13L"
  4. Amount on which TDS to be deducted: "13L" <--Automatically populated and un editable.
  5. Pay 13000Rs TDS.

 

Sir/Madam two questions:

  1. Approach 2 is that correct ? and do seller/buyer have any isuues  while registering the property or any other timplications that I should be aware off ?
  2. Approach 1 - I stongly feel I'll short notice If I select this approach and pay TDS only for 13L (my final installment) - Is my suspicion correct 

Any thing else you suggest sir/madam ? please advice.

 

Thanks