Hello Everyone,
I paid earnest money of 7L to builder on 17th April 2015 and 21L to builder on 29th April 2015 towards my first 20% of the booking/agreement payment. Now I realized that I should have deducted the TDS by 7th of May. I haven't. Say if I deduct it today on 16th May 2015. So I have to pay TDS with following penalties:
a) Rs. 200 per day from 8th of May: i.e. Rs. 9 * 200 = 1800.
b) 1.5% penalty/interest for two months on the TDS amount even though there is a delay of 9 days only.
( Q1: is there any other penalty/interest that I need to pay )
Q2: Can I club two payments of 7L and 14L into one and pay Rs. 200 per day fee as only one penalty. Instead of 9*200 for 7L and 9*200 for 14L ?
Kindly resolve my queries as quickly as possible.
Thanks,
CAclubindia
