Sec 194ia
This query is : Resolved
30 July 2016
My friend signed the purchase agreement for an under construction house in May 2013 valued 60 lakh. Payments since then are being done in instalments. He did not know anything about Sec.194IA so didn't deduct the 1 tax from any instalment. Now, the final instalment is due and he plans to deduct full amount of tax and deposit it with interest. My question is should he file separate Form 26QB for each instalment or show entire TDS against the final instalment.Also, is he liable to pay penalty u/s 234E along with TDS and interest in the same Form26QB ?
31 July 2016
A single 24 QB can be filed for all the above instalments and tds details. Interest would suffice, no need to pay penalty
01 August 2016
Thank You Sir.But the form asks to write the penalty as per Sec. 234E for delay in furnishing the return under the head "FEE". Wouldn't he get demand notice for the same? Although he is deducting tax NOW and filing return but does it not amount to failure to file return in time?Please help.
01 August 2016
Thank You Sir.But the form asks to write the penalty as per Sec. 234E for delay in furnishing the return under the head "FEE". Wouldn't he get demand notice for the same?Although he is deducting tax now and immediately filing the return, would it amount to failure to file return in time?Please help.
23 July 2025
Yes, Form 26QB asks for 234E late fee and it's technically payable. If your friend omits it, he might get a demand notice later. For safe and complete compliance, it's better to file multiple forms, one per installment. But a single consolidated Form 26QB with full interest + late fee is often accepted by the system if supported by timely payment now.
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