Hi Surbhi
I have purchased a residential flat property from an NRI for 1.47 cr. who has obtained a lower deduction tax rate at 10.98% which accounts to 16,11,315/- which i have paid through one challan to Income Tax department . Further to above the education cess (15%) & surcharge (4.6%) which accounts to 315,817/- also have been paid through an another different challan.
However when i filed the 27Q form and submitted i received an intimation of short deduction for 315,817/- which i have already paid through different challan. When i contacted the help line of Traces they said the enitire amount of property sale value is consumed in 1 challan (ie challan for 1611315/-) & didnt gave any other solution.
Can you help me in how to rectify the short deduction intimation for which i have already paid.
Please confirm whether you created 2 ITNS No. : 281 Challans. If so 2 different BSR Code should reflect in 27Q for total amount. If not ask contact TRACES to revise the Form 27Q - Q4 for total deduction
While preparing the correction, make sure to add the details of both the challans that you have paid under the ‘Challan tab’.
Under ‘Annexure 1’, you need to divide the total ‘amount paid/credit’ which is the entire sales value in the proportion of the challans paid.
Create the .fuv file and submit the correction on the Income Tax Portal using your TAN.
If you need our help, you can also book a MEET using the below link wherein one of our tax experts can connect and help you out in filing the correction:
