• TDS non- deduction

I booked an apartment (of worth more than 1 crore) at Gurgaon in June'2015 and made the first installment of 37.5 Lakhs on 29/05/2015 but somehow forgot to made the 1% TDS payment at that point of time. Now when I am preparing to make the second installment I realized that I never paid the TDS for that initial payment so far. Please advise how to rectify this issue and pay the TDS due.

Thanks & Regards,
Prandeep
Asked 5 months ago in Property Tax from United States
Hi Prandeep,

You can deduct the earlier TDS now and pay it along with the interest.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
3304 Answers
150 Consultations

5.0 on 5.0

Hi Pradeep,

Since you are now making the second instalment, my suggestion is that you make the tds payment now for both the instalments. However for the first installment you will need to add interest as well.

Regards,
Nikhil.
Nikhil Khanna
CA, Mumbai
1039 Answers
7 Consultations

5.0 on 5.0

Hi Pradeep,
If TDS is not deducted by you then Interest at the rate of 1% per month or part thereof, for the period from the date on which TDS is deductible/collectible to the date on which TDS/TCS is actually deducted/collected, will be levied.
When TDS is deducted but payment is made lately Interest at the rate of 1.5% per month or part thereof, for the period from the date on which TDS is actually deducted/collected to the date on which such TDS/TCS is actually paid will be levied.

Regards,
Nikhil.
Nikhil Khanna
CA, Mumbai
1039 Answers
7 Consultations

5.0 on 5.0

Yeah you don't need to pay any penalty as of now. Interest will be of 34 months instead of 33 months. 

Please feel free to call/ revert in case you need more clarity.

Thanks and regards
Abhishek Dugar
CA CS B.Com
Abhishek Dugar
CA, Mumbai
3304 Answers
150 Consultations

5.0 on 5.0

Hi Prandeep

You can deposit the TDS now along with the interest.
Lakshita Bhandari
CA, Mumbai
1855 Answers
55 Consultations

5.0 on 5.0

Interest would be for 34 months if the payment is made in March 18.
Interest is applicable for each month or part of month of delay.
Lakshita Bhandari
CA, Mumbai
1855 Answers
55 Consultations

5.0 on 5.0

Deduct and pay tds along with interest till date. Interest to be paid @ 1% per month and part of month is considered as full month .
Swati Agrawal
CA, Indore
550 Answers

5.0 on 5.0

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