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Purchase of land -Tds

zanis 0071 (68 Points)

17 October 2021  
as a sole proprietor if I purchase a land do I need to deduct tds..?
I have forgotted to deduct tds on payment is there any penalty on me..?

 6 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (107467 Points)
Replied 18 October 2021

What was the value of land registered?

If below 50 lakhs, no worry.

zanis 0071 (68 Points)
Replied 18 October 2021

Above 50 laks then what should I do?

Jitendra kumar (13 Points)
Replied 18 October 2021

1% tds u/ 194ia if amount exceeds 50lakh

zanis 0071 (68 Points)
Replied 18 October 2021

I haven't deducted is there any consequences from department side??

Jitendra kumar (13 Points)
Replied 18 October 2021

It may be. wait for IT notice . now its too late. may be IT notice will not come.

zanis 0071 (68 Points)
Replied 18 October 2021

Until notice comes there won't be any problem ?

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