Query on 1% tds on immovable property

TDS 1537 views 14 replies

Yogesh Bafna

Service

30 Points Joined August 2008

In this respect of TDS @ 1% under section 194IA (Tds on Sale of Property) in form 26QB.

• Customer have deposited tds amount with wrong PAN number of Sheth Developers Pvt. Ltd. (Transferor).
• Customer have deposited tds amount under wrong field of form 26QB i.e. instead of depositing tds amount under “TDS field”, by mistakenly customer have deposited tds amount under field “ Interest / Penalty/Fees”.

Because of above mentioned reason, seller is not getting TDS credit in his 26AS statement and also not receiving proper TDS certificate from buyer.

Is there any solution as of now to take corrective action to resolved this problem.

Yogesh Bafna

Replies (14)

CA Karan Sathe

564 Points Joined October 2009

its simple ... revised eTDS return

Pratik CA Final

Article Assitant

102 Points Joined March 2013

Revise the TDS return with the correct PAN.
Also write a letter to the ITO that the details mentioned in the payment challan should be treated as TDS and not as interest/penalty.Take a recipt copy of the same.
After revising the TDS return the same amount shall be shown in the 26AS of the tax payer.

nitin

study

42 Points Joined May 2008

Yes revise the tds return

Giridhar Adepu

Accounts Executive

33 Points Joined October 2009

Revise return is the only for correcting any omissions & mistakes

Manas Rakshit

Manager

22 Points Joined June 2014

Hi,

I have entered into an agreement on 9/9/09 with my seller for purchase of my flat in Kolkata, costing nearly Rs 51.10 lacs.

I’ve paid phase wise instalments from SBI loan within Nov 2012, except residual amount of Rs 3.43 lacs which I’ve paid on 9.6.14 without deducting 1% property tax (Tax imposed with effect from 1.6.13).

Please advise what I shall do here now – whether I should pay 1% on full consideration amount of Rs 51.10 lacs or only on Rs 3.43 lacs paid on 9.6.14.

Looking forward for your response.

Thanks for your help.

PANKAJ KUMAR

Student

35 Points Joined May 2012

You need to pay tds on only balance amount i.e. 3.43 lacs which have been paid by you on 9.6.14. In this case, now you need to pay interest amount also for delay in payment of TDS.

Manas Rakshit

Manager

22 Points Joined June 2014

Hi Pankaj,

thanks for the response. how should I calculate the interest. SInce I paid the amount on 9.6.14, shouldn't it be ok if I pay the tax by 2014.

Thanks again.

-Manas

Manoj

prop.

21 Points Joined May 2014

Pay tds only on 3.43 lacs @ 1% before 7.7.14.No intt. .

sonam

chartered accountant

39 Points Joined May 2014

Tds on sale of property??will you explain how??

NILA REJESH P

Chartered Accountant

815 Points Joined October 2009

Revise the Return.

Rohit Verma

CA Final

39 Points Joined September 2008

Yes, revise TDS return

Sunil Singh

Proprietor

199 Points Joined June 2009

You have to deduct TDs on whole amt. For short deduction you have to pay 1% interest For duducted but not paid 1.5% interest

M K U VARMA

PROPRIETOR & CEO

38 Points Joined July 2012

Dear Friends, Form 26QB is only a form under IT rules. It is NOT a return like 26Q or 27Q. I believe, there is no way of revising it.

In fact I also have a probelm in that, while making payments, TRANSFEROR and TRANSFEREE's PANs have been interchanged. Till today, even DCIT-TDS is having no answer. We are making trips with the hope that by now some way out is shown by their higher authorities and returning back with no answers.