Sec 194ia

A COMPANY HAD PURCSASE A LAND FROM 4 CO-OWNERS AND THE PAYMENT IS MADE TO THESE PERSON AFTER DEDUCTING TDS @ 1%. PURCHASER GET THE NOTICE FOR PAYMENT OF PENALTY OF 14200/- FOR LATE PAYMENT OF RETURN. DETAILS ARE AS UNDER.

BUYER:- COMPANY

SELER:- 4 CO OWNERS

DATE OF AGGREMENT:- IN JUNE 2014

DATE OF PAYMENT:- 1 JULY 2014

DATE OF PAYMENT OF TDS & FILING OF RETURN 26QB:- 17 TH OCT 2014

 

I JUST HAVE QUERY REGARDING PENALTY U/S 234E I.E 14200/- ( 200/PER DAY AS PER ACT)

Replies (1)

Mr. Mukesh, In this case the TDS deducted by the buyer at the time making payment to the seller has to be deposited within period of 7 days from the end of the month in which the deduction has been made.

The due date of deposited is 7th August but it deposit on 17th October

So Penalty will be charged Rs. 200 per day from 8th, August to 17th, October 

i.e. 71days * Rs.200 per day

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