26qb

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2018 Property was purchased on 30.08.2017 for 80 lacs.

Full payment was made of Rs.80 Lacs to seller and no tds was deducted.

Now, on getting knowledge of provision, decided to deduct tds of 80000/- after taking payment from the seller.

What would be the consequences and demand and interest and late filing fee, if any.

Thanks in advance

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 March 2018 1. basic Demand you already know i.e. Rs 80000

2. Interest payable at 1% per month

3. Late filing Fees: 200 per day with maximum amount limited to Rs 80000

If the form is not filed within 1 year of the due date, penalty under 271H can be levied too

Querist : Anonymous

Querist : Anonymous (Querist)

12 March 2018 Late filing fee will be leviable from 30.8.2017 (date of registry) or if i choose to put date of deduction as today 12.3.18 and deduct tax today and deposit, then also late filing fee will be levied ?

Should i put date of deduction as 12.3.18 and pay tax immediately and download Form 26QB then what would be consequences ?

Should I pay 80000 tds only and interest whatever will be paid when demanded ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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12 March 2018 fees is levied from the due date for filing 26QB. Which in your case will start on 1 October 2017.

You need to pay the tax, interest and fees together

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