TDS ON PURCHASE OF IMMOVEABLE PROPERTY U/S 194 IA

This query is : Resolved

P.SHANGAR (Querist)
Follow

19 July 2024 SIR, IN THE PRESENT CASE THE BUYER OF THE IMMOVEABLE PROPERTY PAID FULL AMOUNT OF SALES CONSIDERATION TO THE SELLER WITHOUT DEDUCTION OF TDS U/S 194 IA. TDS DUE IS RS.119000/-DURING JUNE,2023.
AT PRESENT THE SELLER OF THE PROPERTY HAS FILED THE INCOME TAX RETURN AND PAID THE CAPITAL GAINS TAX AND CESS RS.148536/-. WHETHER TAX PAID BY THE SELLER CAN SAFEGUARD THE BUYER FROM THE CONSEQUESNCES OF NON-DEDUCTION OF TAX . KINDLY GUIDE US THANK YOU SIR

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
Follow

20 July 2024 The deductor may face a penalty U/S 271C of the Income Tax Act. The penalty amount can be equal to the TDS he failed to deduct or deposit.
He may seek waiver of penalty citing applicable tax paid by the deductee.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

manojkumarkk

rajkumar yadav

C G K MURTHY

CA.Gopal Rathi

MAHESHA RAMANNA

Subscribe Now

TDS ON PURCHASE OF IMMOVEABLE PROPERTY U/S 194 IA

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

CA Final

GST CONSULTANCY

Manager- Finance and Compliance

Article Assistant

GST CONSULTANT