Dear Experts,
I have bought a resale house jointly with my spouse. We paid 25% of the amount from own account, rest of the amount was by bank loan. As the seller is NRI, he applied for a lower tax exemption and got the certificate too, which had validity till 31st March. We made the tax deductions as per the rate mentioned in the certificate (~7%) and deposited via challan. After that, we transferred the 25% to him before end of March, and the bank loan check was also generated in March. But the seller deposited the cheque in April, next financial year. We're planning to file the tds return now. Will there be any short defaults on us deductors due to the seller depositing the check in April?
CAclubindia
