Dear Sir,
Please repost your query as all the dates got deleted.
TDS doubts
I finalised property value 71 lakhs. I paid 50,000 on [deleted] as token money. 7 lakhs at the time of ATS on [deleted], the cheque for 7 lakhs cleared on 3-02-2020. I have made demand draft for 17.79 lakhs. And 45 lakhs loan from bank. I want to pay TDS only after bank generate Demand Draft and I want to make complete 71000 at one time in 26QB is this possible, in such case how much extra penalty I have to pay on [deleted] for full 71000 at one time. If onetime payment is not possible, Please tell me TDS amount, that I have to pay all 4 payments in 26QB with penalty amount on [deleted] 1. 50000 (TDS:1% = 500) 2. 700000 (TDS:1% 7000) 3. 1779000 (TDS:1% =17790) 4. 4500000 (TDS:1% = ? 45000). What % I should fill in percentage box? And amount should it be 45710? To make complete TDS as 71000
Asked 4 years ago in Property Tax
I am reposting same question agin due to some technical issue I finalised property value 71 lakhs. I paid 50,000 on 20-01-20 as token money. 7 lakhs at the time of ATS on [deleted], the cheque for 7 lakhs cleared on 3-02-2020. I have made demand draft for 17.79 lakhs. And 45 lakhs loan from bank. I want to pay TDS only after bank generate Demand Draft and I want to make complete 71000 at one time in 26QB is this possible, in such case how much extra penalty I have to pay on [deleted] for full 71000 at one time. If onetime payment is not possible, Please tell me TDS amount, that I have to pay all 4 payments in 26QB with penalty amount on [deleted] 1. 50000 (TDS:1% = 500) 2. 700000 (TDS:1% 7000) 3. 1779000 (TDS:1% =17790) 4. 4500000 (TDS:1% = ? 45000). What % I should fill in percentage box? And amount should it be 45710? To make complete TDS as 71000
Asked 4 years ago
Hi
It is advisable to file 2 form 26QB - one for the payment made in Jan and other for payments made in Feb.
Due dates shall be 1 March and 30 March respectively (30 days from end of month in which payment is made).
TDS shall be :
1. Amount paid 50000
TDS @1% 505
(Amount to be paid 50505)
2. Amount paid 6979000
TDS @1% 70495
(Amount to be paid 7049495)
Thanks for the feedback :)
1% needs to be of the total consideration.
Therefore your third payment of TDS should be of 18500.
You need to pay TDS within 30 days from the end of month in which payment made or else you will be liable for interest.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Dear Sir,
You need to deduct 1% on total consideration i.e. you need to pay TDS of Rs 18500 as third installment .
The due date of payment of TDS on transfer of immovable property is 30 days from end of the month in which the deduction is made.
Hello,
TDS on property purchase is to be deducted at the time of payment/credit and deducted TDS is to be deposited with the Government within 30 Days from the end of the month in which payment is made.
1% Interest per month penalty for late deduction is levied.
you can file two 26QBs, one for payment of TDS on Rs. 50,000 paid in January and another one for the payments in February.
I hope that this answer satisfies your requirements.
Regards,
CA Hunny Badlani
The penalty of 1% will be levied n the January TDS Challan.
- You were liable to deduct TDS at the time of payment of different installments starting from 20.01.2020. Time limit to deposit is 30 days from the end of the month in which tax was deducted. For all the payments, last date of filing of statement of Form 26QB is 01.03.2020, after that late fees of Rs.200 per day will be levied alongwith interest of 1.5% per month.
- It is advisable to file Form 26QB for each payment of installments to maintain parity with the ATS and sale deed.
- I may assist you in filing of Form 26QB.
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