We 2 buyers brought 80 Lakhs property. Buyer 1 paid 10 Lakhs on 7 March 2024 and 39, Lakhs 10 Thousand on 9th May 2024. Buyer 2 paid 30 Lakhs on 9th May 2024.
Buyer 1 paid 50000 challan as TDS for contribution of 49 Laksh 10 thousand
Buyer 2 paid 30000 challan as TDS for contribution of 30 Lakhs
When submitting the 2 challans for both buyers, we mistakenly mentioned Total property value as 80 Lakhs instead of mentioning 50 lakhs for Buyer 1 and 30 Lakhs for buyer 2.So we got a demand for 30000 for buyer 1 and 50000 for Buyer 2.
We then applied for 26QB correction for both challans.
The Buyer 2 26QB correction was processed without issues.
The Buyer 1 26QB correction was rejected stating the tds for 10 lakhs should be paid separately as it was actually given to the buyer on 9 March 2024.
How should Buyer1 go about filing the 26 QB correction so he gets demand for late fee/interest for the 10000 TDS he needs to pay by 7 Mar 2024.
CAclubindia
