banner_ad

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

TDS / TCS 979 views 3 replies

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?

Replies (3)

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 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Related Topics
Loading
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
18 May 2026
MIS Executive

Primarc Pecan Retail Limited

Mumbai

B.Com

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details