Hello Sir/Mam, I have purchased a house on 11.01.2020 for 55 lakh rupees through financing from bank(90% of value of property) and bank make the payment to seller 25% and 15% of the said amount on 24.06.2020 and 31.01.2021 respectively. I have deducted tax under section 194ia on march 2021 on the whole amount of property i.e. 0.75% of 55 lakhs and I have already made the payment 1% of value of property at the time of purchase i.e.11.01.2020 and 4% in the month of march 2021. Is there any contravention of income tax provisions? Am I liable to interest and late fees on furnishing of late filing of return Form 26QB?
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TDS under section 194ia
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Hi,
Tax shall be deducted at the time of credit of such sum to the account of the transferor or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier.
That means, I should have to deduct tds on dt 11.01.2020 when I make the payment of 1% of value of the property?
You have to pay 1% at the time of agreement date or any advance payment whichever is earlier.
But in my case, i have deducted TDS in the month of March, 2021.Then i have to pay the interest on late deduction of tax and late filing of TDS return?
Yes. You are right. Pay interest and late fee.
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