Section : 194ia
Sunil Chauhan
(Querist) 15 September 2017
This query is : Resolved
Brief history of the Case
on May 2010 entered into Buyer Agreement with Leading Construction Co.(Construction Linked Property)
Value of Property : Basic Price = 48,47,116/-
Govt IDC /EDC = 299145/-
PLC & Addition Charges = 121604/-
------------------------------------------------------------- 52,67,865/-
Till April 2013 Paid Rs. 32,19,492/-
On 05-08-13 7,97,145/-
14-10-13 2,51,341/-
'08-11-13 2,51,343/-
02-05-17 2,53,261/-
28-06-17 46,402/- (Harayna VAT Demand)
--------------------------- 15,99,492/-
-------------------------------------
Total Paid 48.18.984/-
Now I have to pay another installment 2,71,439/- So now amount increases is Rs.50 Lac
So my question is on which I have to deduct TDS Amount
on Rs. 15,99,492 + Rs. 2,71,439/- or Rs.48,18,984/- + 2,71,439/-
In Challan 26QB what should have to mentioned
Rajendra K Goyal
(Expert) 16 September 2017
It seems you have not deducted and deposited the TDS on the installments paid in this Financial Year i.e on amount 2,53,261/- +15,99,492/-. deduct the same and deposit the same. It would be better if you voluntary deposit the interest on delayed payment, which would be your responsibility as it is your default..
You have to deduct TDS on the installment to be paid. now also i.e. on amount 2,71,439/-. Amount to be paid to builder 2,68,715/- to be deposited as TDS 2714/- Total amount 2,71,439/-.
However, may discuss with tax consultant.
