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Non depositing tds on sale of property by buyer.
Respected Sir,
Our Client has sold his house @ Rs 7500000/- and Buyer has deducted Rs 75000/-(1% tds) but after one month he is not depositing TDS of Rs 75000/-.After many reminders he is not depositing TDS.What will be the penalty on Buyer for non dedpositing TDS.What can action we can take on him.Kindly help.
Replies (1)
Section 276B lays down that if a person fails to pay to the credit of the Central Government within the prescribed time, the tax deducted at source by him, he shall be punishable with rigorous imprisonment for a term which shall be between 3 months and 7 years, along with fine.
You should write a formal letter to the party asking him to deposit the tds and also mention in the letter that if the tds is not deposited, the matter would be informed to the concerned officers in income tax department.
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