Late Fee u/s 234E for TDS on Property
This query is : Resolved
Ritika Ahuja
(Querist)
22 June 2021
I purchased a property in Mumbai on 31 Dec 2020, with an agreement value of 1.7 cr, I paid approxamately 43 lakhs til February 2021. TDS @0.75% amounts to approx 33000. There was a delay in payment of TDS amount, which I paid only in May 2021. I got a notification from the Income Tax Department u/d 200A for interest on late payment and late filing fee u/s 234E which is approximately 10,000. My Question
1. Is there a way I can get a waiver of the late fee?
2. Was TDS applicable to me in the first place in FY 2020-21 (as TDS is applicable u/s 194-IA only if payment exceeds 50 lakhs in a financial year?
3. What are my options to reverse or save on the late fee notice?
1. Is there a way I can get a waiver of the late fee?
2. Was TDS applicable to me in the first place in FY 2020-21 (as TDS is applicable u/s 194-IA only if payment exceeds 50 lakhs in a financial year?
3. What are my options to reverse or save on the late fee notice?
Dhirajlal Rambhia
(Expert)
23 September 2021
1. No.
2. It is to be paid from first installment, when value of the property exceed the said limit of Rs. 50 lakhs.
3. None.
2. It is to be paid from first installment, when value of the property exceed the said limit of Rs. 50 lakhs.
3. None.
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