Issues On TDS Amount On Payment Of- Last Installment

WHILST MAKING LAST INSTALLMENT PAYMENT THE SYSTEM IS ASKING

  1. IF THIS IS LAST INSTALLMENT. I HAVE CHOOSEN "YES"
  2. THE SYSTEM THEN ASKS AMOUNTS PAID PREVIOUSLY
  3. I HAVE PUT PREVIOUSLY PAID VALUE 
  4. THE SYSTEM THEN ASKS IS THE STAMP VALUE HIGHER THAN SALES CONSIDERATION
  5. I HAVE CHOOSEN "NO"
  6. SYSTEM ASKS AMOUNT PAID CURRENTLY
  7. I HAVE PAID THE LAST INSTALLMENT AMOUNT
  8. THE SYSTEM THEN SHOWS AMOUNTS ON WHICH TDS TO BE PAID AS SUM OF PREVIOUS PAYMENTS+ LAST INSTALLMENT
  9. AS I HAVE ALREADY PAID TDS ON PREVIOUS INSTALLMENTS I HAVE PUT TDS TO BE PAID ON LAST INSTALLMENT ONLY

MY CONCERN IS THAT I SHOULD NOT GET ANY SHORT TDS PAID NOTICE 

KINDLY ADVICE IF THIS IS FACED BY OTHERS ALSO AND HOW TO AVOID IT

 

Replies (1)
Quick Summary
While making the final property installment payment, the system may display the cumulative amount paid, including earlier installments. To avoid a short TDS notice, ensure previous payments and TDS already deducted are correctly reported, and deduct TDS only on the current installment if tax was paid on earlier installments.

When making the last installment payment and following the system's prompts: Steps Taken

1. *Chosen "Yes" for Last Installment*: Indicating that this is the final payment. 

2. *Entered Previously Paid Value*: Accurate reporting of previous payments.

 3. *Chosen "No" for Stamp Value vs. Sales Consideration*: Indicating that the stamp value is not higher than the sales consideration.

 4. *Paid Last Installment Amount*: Final payment made. TDS Calculation - The system calculates TDS on the total amount paid, including previous payments and the last installment. -

 You've paid TDS on previous installments and are paying TDS on the last installment only. Avoiding Short TDS Paid Notice To avoid potential short TDS paid notices: -

*Verify TDS Calculation*: Ensure the system calculates TDS correctly based on the last installment amount only. - 

*Double-Check Payment Details*: Confirm that all payment details, including previous payments and TDS amounts, are accurately reported. -

 *Consult Tax Professional*: If unsure, consult a tax professional to review the payment and TDS calculation process. Best Practices -

 *Accurate Reporting*: Ensure accurate reporting of all payments and TDS amounts to avoid discrepancies. -

*Timely Payments*: Make timely payments to avoid potential penalties or notices. By following these steps and ensuring accurate reporting, you can minimize the risk of receiving a short TDS paid notice [6].

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