TDS on property pu

510 views 3 replies
A property was booked a few months earlier by paying 3 installments out of 10, but byer didn't pay TDS after each installment due to a lack of awareness . Now, can I pay it now.
Replies (3)

Yes , you can pay TDS deducted and not deposited now , however you have to pay interest as per the section 201(1A) of the income tax Act1961 ( please refer).  

After deduction of you TDS , you must issue form 16B ( TDS certificate) to the seller. 

Take more opinion as well. 

With reference to above reply, you also required to file TDS return in form 26QB , within piscribe time limit , at every installment. 

Yes, you can still deduct and deposit it now.

You should:

Deduct 1% TDS on total amount of those 3 instalments

Deposit it through Form 26QB

Issue Form 16B to seller

But delay will attract interest under Section 201(1A)

Interest Calculation

TDS not deducted earlier

Interest = 1% per month
From date TDS was deductible till date of actual deduction

 If Form 26QB is filed late:

Late fee under Section 234E

₹200 per day

Maximum = TDS amount


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register