26QB - TDS on Property, intt and Penalty

TDS 573 views 1 replies

I had purchased a property in April 2021, vide e auction from HSVP huda haryana. The allotment price was more than 50 lacs so deduction of 1% tds was applicable , but I had transferred the full amount to HSVP huda haryana .

the deed is yet to be executed , so to avoid in inconvenience in the future I have deposited the tds with intt and penalty with the income tax department .

But when I login in traces portal , the challan status is reading as partially claimed as the amount paid includes tds , intt and penalty.

Do I need to file revised,correct form 26qb and  will the amount paid reflect in my 26as/ traces 

 

Replies (1)

To resolve the issue with the challan status reading as "partially claimed" on the TRACES portal, you'll need to understand the components of your payment: - *TDS (Tax Deducted at Source)*: 1% of the allotment price, which you've deposited - *Interest (INTT)*: Paid on late deposit of TDS - *Penalty*: Paid for delayed deposit of TDS When depositing TDS, interest, and penalty, ensure you've used the correct Challan (279) and selected the appropriate payment type. Steps to Rectify the Issue 1. *Verify Payment Details*: Check your payment details, including the challan number, payment date, and amount paid. 2. *Check TRACES Portal*: Ensure that the payment reflects correctly on the TRACES portal. 3. *File Correct Form 26QB*: If necessary, file a revised Form 26QB to accurately report the TDS payment. 4. *Contact Income Tax Department*: Reach out to the Income Tax department or a tax professional for guidance on rectifying the issue. Reflecting Payments in 26AS/TRACES The payments you made (TDS, interest, and penalty) should reflect in your Form 26AS, which provides a summary of tax deducted and collected at source. Verify that the payments are correctly reflected to avoid any discrepancies. Additional Considerations - Ensure timely payment of TDS to avoid interest and penalties. - Consult a tax professional for personalized guidance on TDS payments and compliance.¹


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register