Hello Experts,
If person A purchases a property worth 60 Lakhs in April 2022 and fails to deduct 1% TDS because of lack of knowledge. How much total amount with penalty and interest he must submit to IT dept in Aug 2023?
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How to calculate penalty for not deducting submitting the TDS on property purchase
Replies (3)
Quick Summary
Fill form 26QB with all details, interest will be calculated by the utility itself over the tax payment of Rs. 60,000/-
Thank you Dhiraj sir. But in the income tax portal-> form 26qb option, does not automatically populate the penalty and interest charges. It is a manual entry
Interest:: 1% per month from the date on which you were supposed to deduct TDS until the day on which you actually deduct TDS.
Late filing fee: f you do not submit or delay in submitting Form 26QB, you may have to pay a fine under section 234E. The fine is Rs. 200 per day until you submit Form 26QB.
Penalty:: Assessing Officer may levy penalty under section 271H at his discretion. This section is applicable when a statement as required by the tax laws is not submitted timely. Minimum penalty under this section is Rs 10,000
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