26qb interest and late fee
This query is : Resolved
27 December 2017
My client has purchase a house of rs.1,41,97,286.00 on 31.10.2015. he did not deposit tds i.e 26qb. he want to deposit tds and interest with late fee before 31.12.2017.
I have suggested that tds - 141973.00 interest 55370.00 LATE FEE 141973.00. instead of 158200.00
am i right or any correction required
I have suggested that tds - 141973.00 interest 55370.00 LATE FEE 141973.00. instead of 158200.00
am i right or any correction required
27 December 2017
If you show Deduction date as 31/10/2017 than you have to pay interest @1.5% for 3 months including Oct-2017 interest will be Rs.6389/- if you pay on or before 31/12/2017
06 July 2024
1. **TDS Amount:** ₹1,41,973.00
- This is 1% of the property value (₹1,41,97,286.00).
2. **Interest Calculation:**
- Interest is applicable from the date on which TDS should have been deducted to the date of actual payment.
- Interest rate for TDS defaults is usually 1% per month or part of the month.
3. **Late Fee Calculation:**
- Late fee under Section 234E of the Income Tax Act is ₹200 per day for every day during which the failure continues. However, the total amount of late fee cannot exceed the TDS amount.
- This is 1% of the property value (₹1,41,97,286.00).
2. **Interest Calculation:**
- Interest is applicable from the date on which TDS should have been deducted to the date of actual payment.
- Interest rate for TDS defaults is usually 1% per month or part of the month.
3. **Late Fee Calculation:**
- Late fee under Section 234E of the Income Tax Act is ₹200 per day for every day during which the failure continues. However, the total amount of late fee cannot exceed the TDS amount.
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