Regarding the Form 26QB filing for 1% TDS deduction

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This discussion clarifies the process for depositing Tax Deducted at Source (TDS) on immovable property purchases exceeding 50 lakhs. It confirms that TDS must be paid three times, corresponding to each installment payment, and specifies using the payment date for both 'date of payment/credit' and 'date of deduction' fields in Form 26QB. The total amount paid or credited to the seller should be entered, not the net amount. Penalties for delayed payment include a 12% annual interest, which needs to be manually calculated.

Suryakanta Mukherjee

Suryakanta Mukherjee (Querist)
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13 July 2023 Hi esteemed experts,

I require assistance to deposit TDS on immovable property. I have bought a property above 50 lakhs and have paid installments as follows :

payment date Seller receipt date Amount as installment
14/03/2023 15/03/2023 670,300.00
24/04/2023 25/04/2023 670,300.00
21/06/2023 22/06/2023 744,778.00

However, I have not paid TDS. I have the following queries:

1. Will I be required to pay TDS 3 times or in lumpsum?
2.What should I put in Date of payment/credit made to seller?- will it be payment date or receipt date as per table above?
3.What should I put in the column of date of deduction?
4.Will I be required to pay penalty and will it be automatically calculated once I give the above dates and amount ?
5. In the column where the various amounts are to be given, there is one field which requires "total amount paid /credited to seller- should I put the whole amount or amount net of TDS?

I will be extremely obliged if my queries can be resolved.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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13 July 2023 1 yes, you are required to pay TDS 3 times

2 It's payment date.
3 Payment date.
4 you have to pay 12% interest on monthly default . You manually calculate.
5 put whole amount

Suryakanta Mukherjee

Suryakanta Mukherjee (Querist)
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16 July 2023 Thank you so much for your inputs/

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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17 July 2023 You are welcome...
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