Property tds 1% can be paid later
This query is : Resolved
22 November 2013
Hi, My property is above 50 lakhs and I have made the payment to the builder of Rs 7 lakhs on 3 June without filing the TDS. Can I file the TDS now for that payment and submit to the builder (Is their a penalty) or how should I proceed.
thanks
Abhi
thanks
Abhi
Nikhil Kaushik
(Expert)
23 November 2013
yes. interest is levied at 1% per month or part of a month till the time TDS is deducted and 1.5% per month or part of a month till the deducted TDS is paid to government.
23 November 2013
Thanks nikhil...
But it not mention anywhere on the traces site nor the people from tax department / builders are aware of the penalty and how to pay the penalty?
But it not mention anywhere on the traces site nor the people from tax department / builders are aware of the penalty and how to pay the penalty?
Nikhil Kaushik
(Expert)
23 November 2013
please refer Section 201(1). the interest is to be paid through the Challan 26Qb only.
CA Pallav Singhania
(Expert)
23 November 2013
Agree with Expert,
Interest of TDS will be charged @ 1 percent if not deducted and submitted per month..
OR 1.5 percent if deducted per month..
Interest of TDS will be charged @ 1 percent if not deducted and submitted per month..
OR 1.5 percent if deducted per month..
30 November 2013
agreed with aryan.
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