How to calculate penalty for not deducting submitting the TDS on property purchase

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 

For a missed 194-IA (Rs 60 lakh, April 2022):

• TDS due: 1% = Rs 60,000 (more if the stamp duty value is higher than consideration, from 1 April 2022: TDS on the higher of consideration and SDV).

• Interest under Sec 201(1A): 1% per month (or part) from the date of payment until the date of deduction (if not deducted, until you pay), plus 1.5% per month from deduction to deposit. Roughly 1% × number of months, so for about 30 months, about Rs 18,000+.

• Late fee under Sec 234E: Rs 200 per day for the delay in filing 26QB, capped at the TDS amount (Rs 60,000). Usually the late fee hits the cap.

• Penalty under Sec 271H: Rs 10,000–1 lakh, but not levied if TDS, interest and fee are paid and 26QB filed within 1 year of the due date. Beyond that, it's discretionary (reasonable cause, Sec 273B).

• Sec 271C penalty (equal to TDS not deducted) is possible but rarely imposed on individual buyers.

• Option: if the seller has offered the gain and paid tax, Form 26A (Rule 31ACB) avoids "assessee in default" status. Interest still applies.