Tds late payment fees and interest on property

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Bharat Singh

Others

23 Points Posted on 30 March 2015

From Justification Report (Intimation Notice): Notice generated on 27-March-2015

Date of Transaction: 19-Nov-13

Date of deposit: 11-Jan-14

Delay in filing: 35 Days

Penalty fee: 7000/-

Interest on Late Payment: 1089/-

....

Additional Info: Form 16B was downloaded on 11-Jan-14

....

A few Questions:
Q1. Can I pay Interest and penalty fees through single challan (online) or need to pay separately?

Q2. I understood that since the TDS form (16B) has already been generated (on 11-Jan-14), the late fee can not be recovered now?

If this is true:
Q2a. Can I pay just the interest and not pay the Late fees? If yes, how do I intimate the tax department that I am not paying the late fees?

3. Shall I get a CA to handle this?

Any recommendations Please.

Replies (2)

J. K. Ratan

Compliance Advisor

629 Points Posted on 30 March 2015

Dear Sir

1. You can Pay the Interest and Penalty through a single challan 26QB

2. Since you were the responsible person to deduct TDS and pay it to Govt. within stipulated time. And you are not eligible to recovered this interest and penalty from concern party

You need not to download TDS certificate again after paying these payments

3. If you don't pay the penalty amount alongwith interest than you could face a penalty Rs. 10000.00 for not complying with notice under sectin 271 of income tax act 1961.

Maninder Prashar

Others

24 Points Posted on 06 April 2015

I had paid the TDS through 4 challans(since there were 2 buyers and 2 sellers) after dividing the TDS amount of 54500 into 4 equal parts.

What is the late fee that needs to be paid in my case - The payment wa delayed by 171 days Should it be 171*200 = 34200 or the full TDS amount paid earlier i.e. 54,500.

Also, do I have to make the payment fo late fee + interest in 4 separate 26QB forms or in a single form?

Please let me know.

Thanks.