While filing form 26QB, payment is made in installments. While paying second installment, the buyer got to know that total value of consideration has been increased than the one declared in Form 26QB filed while paying first installment. Can the property value be increased in Form 26QB to be filed for second installment
Hey @Shrakamath,
In this case you will firstly have to file a correction request for the Form 26QB that is already been filed and update the consideration amount. Once the same has been corrected, you can file Form 26QB for the second instalment.
Hope this helps!
Hi Guys
Recently I have purchased a property (Buyer - Me and My wife), Seller (2 person, husband and wife).
While paying TDS, I paid via 4 applications (50% of half of TDS by me to Seller 1 & 2 and 50% of half of TDS by my wife to Seller 1 & 2) it came down to Rs 45721 for each challan so total TDS was 1,82,884.
In my calculation, my numbers were matching to total TDS but surprisingly I received notice under section 200A of short deduction of amount 137163 which is (182884 minus 45721).
And I received 4 notices for each challan. I am not sure what next step i need to do.
It seems they expect me to pay full 1% against each challan…Did i do mistake in paying TDS, i am new to this…Kindly help
Hey @ViniR,
I am assuming this might be due to incorrect amounts being mentioned while filing Form 26QB. There are certain fields where you need to mention the entire sales consideration amount whereas in others you need to mention only the proportionate amount for that instalment.
However, I will be unable to provide a resolution without seeing the notice and the reason for it.
In case you want someone from Quicko’s team to help you out in understanding the short-deduction notice, you can book a MEET using the below link.
Hello Guys,
I have made a part payment to the builder and when I paid TDS I paid 1% of the part payment. Now I have received the below notification.
Regular Statement for Acknowledgement Number AL02794982 is processed with defaults u/s 200A. I have gone through the same I see it is asking me to pay 1% for the complete agreement value.
I Understand that TDS is paid as per the payment made to the builder. Kindly help.
Hey @Surbhi_Pal,
I wanted to take a moment to thank you once again for your invaluable help with my Property TDS query. Your expertise in this area was truly impressive, and I’m grateful for your assistance. I also want to extend my appreciation to you and the qna.tax team for creating such a supportive community to help people navigate these topics.