I bought a property costing 60 lakhs in 2011 in which 95% of the payment was due in one year. Accordingly, I paid 57 lakhs in 2012. The remaining Rs. 3 lakhs was paid in 2020 when the construction was completed. As per section 194-IA that took effect in 2013, I am required to deduct 1% of 3 lakhs, i.e. Rs. 3,000 and not on the entire amount. Is that correct?
What is the timeline for depositing the TDS as per Form 26QB?