Late payment of tds on purchasing property

Its 1 crore sir/mam. 60 lacs was done in feb 2023and 40 lacs is remaining. Next payment to be done in 2025

The buyer needs to furnish Form 26QB within 30 days from the end of the month in which the tax deduction is carried out. An example below explains the calculation of the due date for the buyer.

Example: Anshul bought a property from Rahul, and the total sales consideration amounted to Rs. 50,00,000. The payment was made on 20^th September 2022. As per the tax regulations, Anshul must submit Form 26QB on or before 30^th October 2022. Failure to file the return within the due date results in late fees of ₹200 per day, not exceeding the amount of TDS deducted.

Consequences of Making Late TDS Payment

If Form 26QB online payment is delayed, it may affect both buyer and seller. Some of the significant consequences that a late TDS payment may have are:

• As per section 234E, the taxpayer faces charges if Form 26QB submission delays or is not filed on time.
• If the failure to file the 26QB TDS payment persists, the buyer will encounter a penalty of ₹200 until the filing of Form 26QB.
• In addition, a fine under section 271H will be levied along with the penalty of ₹200 given above.
• The responsibility for paying interest on any delayed tax deductions and deposits is imposed on the buyer.
• In case the tax deductions are not completed, the monthly interest will be charged @ 1%. This interest amount is charged between when the tax is set to be removed and when it is deducted.
• In case the tax is not deposited, interest will be charged @ 1.5% per month from the date of deduction until the actual payment is made.
• If the buyer fails to file taxes on time or does not file at all, the seller will not be entitled to claim the tax credit.

Sir I know these details, but is there any loophole to avoid this late payment penalties and file tds now in same way??

NO WAY, ALL IS FACELESS PROCESS, FILL FORM 26 QB  WITH DATES IT WILL CALCULATE AUTOMATICALY. INTEREST AND FINE.

Show 1 Cr. payment in current date on payment of remaining 40 lakh and deposit TDS on total value.

What are the chances of noticing this by department??