Hello Experts,
first of all I would like to thank you all for giving us this platform to raise our concerns and taking your time off to resolve it. Appreciate them!
Comin to my issue, I purchased a property from the owner during feb 2016 and when we went to get the original documents from Sro, they told us about TDS deduction. But I had paid full amount to the owner already.
after getting to know this, we paid 10% TDS during July 2016 and took the receipt to Sro and got the original docs.
while paying my TDS during July 2016, it said because of paying it late, I'll have to pay late fee. I thought it will be less and hence I proceeded.
after few days got an email from TDS intimations (TRACES) that, I'll have to pay huge amount (which is almost 50% of TDS amount I paid) as interest on late payment and late filing levy.
seeing this amount we are really worried and scared and not sure on how to proceed.
so experts, please help me understand why it was somuch and let me know how to proceed on this issue too pls.
Arun.
CAclubindia
