Tds u/s 195
Querist : Anonymous
Sir/Madam,
My Employer recently bought land value around 5.75 cr. Seller Non resident indian ,he gives power of attorny to his mother.Entire amount I paid through cheque to NRI account after TDS Deduction.TDS amount 1.30 cr (20% and surchare)
20% TDS deducted from land value and paid & filing on time.I deducted the Sec 195.
After filing I got default letter from IT dept.
TDS short deduction.
Letter for TDS deduction 30%.
But I deducted 20%.diff amount more than 71 lacs (incl. late payment interest)payable immediately.
I want details of What percentage of TDS apply.
I paid TDS Sec.195 and filing form 27Q.
Please Suggest me correct percentage.
Querist : Anonymous
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