TDS ON SALE OF PROPERT

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B.Com
108 Points Posted on 09 June 2020
My question is iam going to pay tds on sale of property for fy 2019-20 tds rate taken 0.75% in absence of 1 % automatic, my agreement date 30.04.3019 now what is solution?
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On 09 June 2020 at 14:54 Report
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A property seller mistakenly deducted TDS at 0.75% instead of the required 1% for the financial year 2019-20, based on their agreement date of 30.04.2019. They are seeking a solution as the online portal only allowed for the 0.75% rate. Failure to deduct the correct TDS can lead to interest and penalties under Sections 201 and 271C.

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AUDIT ASSISTANT
179 Points Posted on 10 June 2020
You will liable to deduct TDS u/s 194 IA @ 1% of the consideration . Here for TDS purpose SDV is immaterial. Where fails to deduct TDS in whole or in part the provision of Sec.201 and 271C will attract for interest and penalty.
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On 10 June 2020 at 10:29
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B.Com
108 Points Posted on 10 June 2020
But sir in portal taken only 0.75 % tds rate ,no option in other rate
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On 10 June 2020 at 11:45

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