Tds rate on sale of immovable property

M.Shanmugasundaram (Accounts) (234 Points)

19 June 2015  

Dear Sir,

Our Company was sale Immovable Property to Individual for Rs.1 Crore and paid TDS (194-IA) @ 1% Rs.1,00,000.

But demand was raised by IT Department TDS Rate @ 2%.  We need to pay balance Rs.1 Lakh as per demand notice. How to their calculate @ 2% ?

Please help me to solve this problem.

Regards,

M.Sundaram