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Querist : Anonymous

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Querist : Anonymous (Querist)
30 April 2014 There is an advance of Rs. 20 lacs paid in Apr-2014 out of total sale consideration of Rs. 70 lacs. Balance shall be paid thru bank loan in May-2014. Please clarify about deduction of TDS on advance and balance value. I think there will be two 26QB submitted one for 20 lacs on or before 07-May-14 and another for Balance on or before 07-Jun-2014. Please clarify.
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
30 April 2014 yes. that would be the correct way of deducting the tax and for depositing the same with govt.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 April 2014 Thanks Nikhil for confirmation. What about Form 16B. Would there be one or two Form 16B. One for Rs. 20 Lacs and another for 50 lacs ?
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Nikhil Kaushik

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Nikhil Kaushik (Expert)
30 April 2014 Yes. Separate form 16b shall.be issued.
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Querist : Anonymous

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Querist : Anonymous (Querist)
30 April 2014 Thanks Nikhil for reconfirmation.
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