Interest & late filing fees - tds on property

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Suraj (Querist)
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16 April 2015 Dear Sir,

How to pay Interest & Late filing fees on TDS on Property u/s 194IA? TDS on property was already paid and now the notice for Interest and late filing fees has received.
Which challan to use?

I heard Form 26QB to be used, but whether we need to fill up all the details of Form 26QB again, like consideration, TDS amount etc?

Kindly guide
Regards,
Suraj

CA Hemant Bhathad

CA Hemant Bhathad (Expert)
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16 April 2015 No need to fill all details

you need to fill interest and fee detail only in 26QB

Suraj

Suraj (Querist)
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16 April 2015 Hemantji, in Form 26QB which details need to be filled in? Please guide.

CA Hemant Bhathad

CA Hemant Bhathad (Expert)
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16 April 2015 You can make payment through challan 281 by clicking TDS Regular assessment(400) to avoid so many details in challan 26QB

Because in challan 26Qb have so many star marked(compulsory) particulars

Suraj

Suraj (Querist)
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16 April 2015 But Hemantji, Challan 281 requires TAN which is not applicable in case of TDS on property. This payment is PAN based.
Then should we use Form 26QB only?
Regards,
Suraj

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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01 August 2024 For dealing with interest and late filing fees related to TDS on property under Section 194-IA, the process is a bit different from regular TDS payments. Here's a step-by-step guide on how to handle it:

### **1. Payment of Interest and Late Filing Fees**

**Interest and late filing fees are not paid through Form 26QB**. Instead, they are paid using **Challan 281**.

### **2. Use of Challan 281**

**Challan 281** is used for making payments of tax and interest under various sections, including TDS. Even though Challan 281 usually requires a TAN, you can use it for payments related to TDS on property, which is PAN-based.

**Steps to Pay Using Challan 281:**

1. **Access Challan 281**: Go to the Income Tax Department's e-payment portal and select Challan 281.

2. **Enter PAN**: Enter the PAN of the deductor (the buyer in the case of TDS on property).

3. **Payment Type**:
- **Select the appropriate category**: For interest and late filing fees on TDS on property, select the category related to "TDS on Property".
- **Interest/Fees**: Choose the appropriate options for interest and late fees under the TDS section.

4. **Payment Details**:
- **Fill in the details**: Enter the amount of interest and late filing fees as required.
- **Bank Details**: Make the payment through net banking or other available options.

### **3. Filing Form 26QB**

Form 26QB is used for reporting TDS on property transactions. However, for interest and late filing fees, you do not need to re-fill Form 26QB.

**What to Do with Form 26QB**:
- **Form 26QB** is not required for this specific payment. It is used to report the TDS deduction itself and not for interest or late fees.
- **Form 26QB Details**: Ensure that you have filed Form 26QB accurately when making the original TDS payment. The details include consideration amount, TDS deducted, and other relevant information.

### **Summary**

- **Interest and Late Filing Fees**: Paid using Challan 281, not Form 26QB.
- **Details for Challan 281**: Enter PAN, select TDS on Property, and fill in interest and fees. TAN is not required for TDS on property.
- **Form 26QB**: Used for reporting the original TDS transaction, not for paying interest or late fees.

**Recommendation**: If you receive any notices or have doubts, consult with a tax professional or directly contact the Income Tax Department for clarification. This ensures compliance and correct handling of your payments and filings.

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