Thanks for your informative comments and prompt responses to all. Appreciate it.
I need your help to address similar query i have please.
I am the Buyer of the property and I promptly paid 1% TDS payment on 13th Dec 2023 for the seller but received a demand notice there after on 17th Dec 2023 to pay remaining 19%.
As per justification report, it shows PAN inoperative as PAN and ADHAR was not linked on 13th dec during payment.
Now the PAN and ADHAR has been linked.
How can I nullify and remove this 19% default notice.
Please help and advise. Above video shared is not for 26QB and wanted to take your help.
You have to check the status of the PAN as on the day when TDS is deducted, if the PAN was inoperative then you have to deduct TDS @ 20%.
Now that you have received the demand, you need to pay the same.
Alternatively, you can cancel the agreement with the seller, and file a 26QB correction return. However, this process involves approval from the assessing officer(AO). If the AO approves the cancellation of agreement and allows correction of Form 26QB, you can request a refund of the amount paid.
Post that you can file another Form 26QB, and because the PAN-AADHAR of the seller is linked, you can pay 1% TDS.
Please note: The process entirely depends on AO’s discretion.
Thanks @Surbhi_Pal for your response.
But we already have closed the deal and property registration completed and seller is not agreeing to bear this amount now. What can be done please in this scenario.
@Surbhi_Pal oh oh ok. But will the seller be able to claim full refund of this amount iam paying 5.5 lacs? Hope it should reflect in his 26AS and he can claim this entire amt in April 2024.
For refund of this amount does he have to declare anything else, like does he have to purchase any other property within 3 yrs, some concept of capital gain etc and only then he get the refund or he can directly claim the entire amt 5.5 lacs reflecting in his 26AS.
Yes, the seller will be able to claim a refund of the whole amount as it will be reflected in his Form 26AS. This is not linked with the purchase of new property. Since he has sold the property, capital gains have to be reported.
You should revise the tds return by deleting the old entry and re enter the tds details (say change in date). It might work if currently PAN got activated.
Mam,
I am the buyer of the property and had deducted 1 % tds accordingly.but I have recieved notice for deduction of 20%tds as the pan adhar of seller was not linked.however at the date of remittance of tds ,pan adhar was linked.still I got the notice.the seller of property is denying to pay the amount.kindly guide in the matter
During tds return
Pan is valid and operative but 200A notice issued.
Justification report shows pan is inoperative.
Demand shows 19%.
Please Help.
9763065060
You have to check the status of the PAN on the day when the TDS is deducted, if the PAN was inoperative then you have to deduct TDS @ 20%. Hence, you may have received a notice for the same.
You can refer to the following thread for further info.
Hello @Vishal_Verma i am also facing the same problem. I am also confused what to do now. could you please share your contact number or call me @7827452429. Please add me if you have any whatsapp group.
Hello @Jitendra_Magaji did you get any solution for this problem. I am also in same boat and confused what to do now. can you please share your contact details or call me @7827452429.