Tds missed to deduct on token money for buying flat from NRI seller

TDS 576 views 6 replies

Manish

Manager

21 Points Joined January 2024

Hello,

I have paid token money Rs 50000 for the purchase of a flat on 6th jan 2024 but i was not aware that I need to deduct TDS.

1. Now, can I deduct the TDS on the entire sale amount as per the percentage according to the rules at the time of final payment to the seller, in one single entry?

2. While paying the TDS online, can I split the payment in multiple parts using different credit cards/UPI/Netbanking or the payment method has to be the same and single transaction should be done

3. I have applied for loan and in case there is a delay in disbursement and the 7th of next month approaches and disbursement doesnt take place, would i have to deposit the TDS on token money 50k on 7th?

4. Agreement with the seller is also not done yet, shall i ask him to mention amount before deduction, in the agreement, saying the buyer has paid rs 60000 (for example rounded off), out of which 50000 is paid to me as token and 10000 is deducted for TDS?

Thanks in advance

Replies (6)

Yasaswi Gomes new

Finance

4545 Points Joined September 2020

You can make an adjustment like this to the existing transaction

Dr. Purchase 50%

Cr. Tds 50%

Dr. Gst 50%

Dr. GST 50%

Cr. Supplier

Yes you have to deposit tds once transaction takes place.

The Tax Deducted at Source must be deposited to the government by the 7th of the subsequent month.

Tds must be deposited only after the payment is made . Set the dates of transactions as well

Sharath chandra

Accountant

1227 Points Joined September 2015

1. yes
2. better do in one single trn
3. yes
4.. can do that. but amounts are wrong

contact a professional rather than doing it yourself.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

4. Agreement with the seller is also not done yet

- Better to deal the process with agreement.
- If received amount 60k then TDS will be as 60k, not 50k.

2. Yes, You can pay as single. Also include point no 1 also. bcoz, it's already missed.

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : Sharath chandra
	1. yes2. better do in one single trn3. yes4.. can do that. but amounts are wrongcontact a professional rather than doing it yourself.

Bro @ Sharath Chandra,

Mr. Manish a CA professional...

RAJA P M

"Do the Right Thing...!!!"

128116 Points Joined January 2015

Originally posted by : Yasaswi Gomes new
	You can make an adjustment like this to the existing transactionDr. Purchase 50%Dr. Purchase 50%Cr. Tds 50%Cr. Tds 50%Dr. Gst 50%Dr. GST 50%Cr. SupplierYes you have to deposit tds once transaction takes place. The Tax Deducted at Source must be deposited to the government by the 7th of the subsequent month.Tds must be deposited only after the payment is made . Set the dates of transactions as well

Hi Yasaswi,

Please read the query once again...

Please come out as Robotics...

Also You Act like "Bridle 🐴 Horse"

This is open forum before put your replies check once again. This is a good one for other understand the professionalism...

Yasaswi Gomes new

Finance

4545 Points Joined September 2020

I meant to say, what ever amount payment is made on % basis, tds must be deposited on that basis. It's nice to know tds can be deposited after whole transaction. Plus I was advising, if they make journal adjustments, it'll be added up to the original asset. I mistakenly put purchases