Date of TDS deduction in 26 QB Form

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5 Points Joined April 2025

While filing 26 qb form for tds for purchasing property if date of payment is 14th Aug 2024 then is it possible that date of deduction of tds can be far away from the date of payment I.e., 14 th feb 2025?

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On 11 April 2025 at 00:01 Report
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Master in Accounts & high court Advocate
9047 Points Joined December 2011

TDS Deduction and Payment Dates As per the Income-tax Act, 1961, TDS (Tax Deducted at Source) must be deducted at the time of payment or credit, whichever is earlier.

 In your case, the payment date is August 14, 2024. TDS Deduction Date The TDS deduction date should ideally be the same as the payment date or shortly after, as the deductor is required to deduct tax at the time of payment or credit.

Delayed TDS Deduction However, if the TDS deduction date is significantly delayed, such as February 14, 2025, in your case, it may attract interest and penalties under the Income-tax Act.

 Interest and Penalties If TDS is not deducted or paid within the prescribed time, interest and penalties may be levied under sections 201 and 234B of the Income-tax Act.

 - *Verify TDS Provisions*: Confirm the specific TDS provisions applicable to your situation. -

*Timely TDS Deduction*: Ensure timely TDS deduction and payment to avoid interest and penalties .

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On 11 April 2025 at 15:02
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5 Points Joined April 2025

Sir, 

Okay I have understood, but I want to ask that what should be late fees under 234e section under the same circumstances?

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On 12 April 2025 at 00:15
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5 Points Joined April 2025

Sir, 

Okay I have understood, but I want to ask that what should be late fees under 234e section under the same circumstances?

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On 13 April 2025 at 10:01
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Master in Accounts & high court Advocate
9047 Points Joined December 2011

Late Fees Under Section 234E Section 234E of the Income Tax Act, 1961, pertains to the levy of fees for default in furnishing statements. The late fees for default in furnishing statements of tax deducted at source (TDS) or tax collected at source (TCS) are as follows: Calculation of Late Fees - *Rs 200 per day*: The late fee is Rs 200 for each day during which the failure continues. - *Minimum and Maximum*: However, the late fee cannot exceed the amount of TDS or TCS payable. Circumstances for Levy of Late Fees Late fees under Section 234E are levied when there is a delay in furnishing the TDS or TCS statements. This includes: - *Delay in filing TDS returns*: Failure to file TDS returns within the specified due date. - *Inaccurate or incomplete information*: Furnishing inaccurate or incomplete information in the TDS or TCS statements. Recommendations - *Timely Filing*: Ensure timely filing of TDS and TCS statements to avoid late fees. - *Accuracy and Completeness*: Verify the accuracy and completeness of the information furnished in the statements. -

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On 13 April 2025 at 15:55


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