THE PURCHASE CONSIDERATION PAYMENT BEFORE 1/4/13 WAS RS. 42 LAKHS, THE PAYMENT AFTER 1/4/13 IS RS. 48 LAKHS, THE SALE DEED WILL BE RS. 100 LAKHS, WHEN WILL TDS BECOME DUE? IF TDS HAS NOT BEEN DEDUCTED SO FAR, WILL THE ASSESSEE HAVE TO PAY INTEREST ON LATE DEDUCTION AS WELL AS LATE PAYMENT OF TDS?
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Tds under section 194ia
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Sec 194 IA is applicable from 1.6.13; Tds is to be deducted when amount credited/ paid w.e. earlier i.e., agreement fr sale wl be date of credit; Interest is to be paid @ 1.5% p.m.
If TDS has not been deducted, interest rate will be 1% pm (not 1.5%)
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