Non deduction of tds on sale of property

Originally posted by : G.GOVINDARAJAN
	Pl. tell me what will be the penalty proceedings for non deduction of TDS on sale of property

In case TDS is not deducted, then the assessee will be deemed to be an assessee in default and will be liable to pay interest u/s 220 and penalty u/s 221. Further, you will also be liable to pay fees u/s 234E @ Rs. 200/- per day as you have failed to submit Form 26QB by which Tds on immovable property is paid; since it is not only a challan for the payment of tax but is also treated as a statement of tax deducted at source