Agreement happened in Apr 2024. Paid 1% TDS on same day (1.7 lakh). After receiving short deduction notices, we got to know that seller PAN and Aadhaar wasn’t linked. They linked it in May 2024. But still get short deduction notice of 19%. We won’t be able to pay 34 lakh (due to home loan and EMI) and not sure if seller will be, too. Will there be penalty involved?
Is there a way out of this? Can we appeal to tribunal? Can someone please advice?
My agreement happened on 22nd of May.
Total consideration amount is 1cr 12 lakhs.
I paid Rs 1,12,000 as TDS. I made the payment on the date of PAN aadhar link happened i.e of 14th June 2024.
Now I have received a TDS short notice. What can be done now?
Hi @SANDIP_BHATTACHARYA @Abhay_Kamath,
In both these cases, paying the short deduction is the only way out. We can still wait if anyone in the community has encountered such a situation and has a solution.
Thanks. Short deduction was paid last year. Now seller wants to claim the refund through ITR as he has no income.
Also, when I checked TRACES portal I see that only 1% of TDS amount is claimed and remaining 19% which was charged to me (buyer) as a Demand due to missed Seller’s Aadhaar - PAN linkage at the time of payment last year is not utilized and showing as “Partially Claimed”. What are the options to the seller to get the amount?
I have got site just 2day back that’s on 27th June 2024 in Bangalore and I have paid TDS of 65000 for 6500000 as 1% but now I have got as defaulter. Since seller pan and Aadhaar is not linked. Please can u help me on this issue @Surbhi_Pal @ Please give me a call to below number or please give me ur number so that I can connect @Shakti Kumar
Name : Raghavendra N
Mobile: 7892558382
please let me know, i have also got demand notice of 19% whats the solution. it will help definitely to big community
look forward to get one more announcement, I paid 1% TDS on 28th June2024 and got the notice on 2nd July , tax dept is so punctual in serving notice. Another announcement will be big relief.,
Hi @Dharmesh_T , are you saying there is another announcement is going to come for the demand relaxation ?
I am asking, is their any chance for another announcement for demand on relaxation?
@Surbhi_Pal @CA_Niyati_Mistry Hi
I need your guidance and have question. I purchased property in December 2023 and payed TDS as 1% later I got demand of 20% from Incom tax dept. I payed the amount asked of 20%. I got email from Tax department that my payment is reprocessed successfully and no libality on me… Now when seller is trying to file return he is only able to see 1% TDS amount and 26 AS is not reflecting the 20% TAX which I payed as buyer… now seller is asking me to file a refund based on u/s 200A.
What should I do ? Can seller not file refund by his own ? Please help…
File for refund in TRACES Portal
Hi @Surbhi_Pal
Appreciate your responses for the queries on this topic. I heard in one of the video that while paying the short deduction amount in Income tax portal after providing the TDS Intimation reference number, portal automatically derive the short deduction amount along with interest and levies if any.
I have got the Intimation on July 10th 2024 for the 26qb filed on July 5th and when I am trying to pay, I had to provide all the details and portal is not deriving the amount details based on the intimation reference number.
Please guide
I bought a flat from NRI in Bangalore on 21st june 2024. I deduct and paid 22.88% of tds (18lacs)and filed retuen on 9th July. Now , i got a email from Income tax on 26th july and showing short deduction of 18 lacs and Rs 36000 as interest on the sum. What should i do.
Following message I have received…
Defaults &/or PAN Errors have been identified in the Regular statement filed by you for the TAN ending 091J and filing date 09-Jul-2024 . Please check your TRACES inbox or email for more details you. Barcode of the intimation sent is RU958643666IN TDSCPC
Hey @abhi.sharma05,
This issue is being faced by many taxpayers after the TDS demands were waived off. The short deduction amount that you paid has been added to your TDS balance. In this case, you’ll have to connect on the TRACES helpline number and they’ll be able to assist you with further steps.
Hi Sumit,
The reason for this notice needs to be checked. I’ll be unable to provide a view without that. You can connect with one of our tax experts if you want and they can help analyse and resolve this.
Even i have the same issue, can we raise a claim using the Traces portal by using the Request for Refund option by opting the below choice?
I have made an excess payment of tax by mistake and the amount of refund claimed is not the part of tax deducted/deductible.
Hi
Post payment of demand under sec 200A for interest, do I need to file for correction. Also, form 16 needs to be regenerated? Please confirm.
Hi All,
Can any CA please confirm the below my knowledge is correct or not ?
In my case, I bought a piece of land jointly with my wife, splitting it equally. The total cost of the land was ₹34,39,800, and we sold it for ₹51,35,130. Here’s how I calculated the capital gain for both of us and determined the potential refund for my wife:
1. Calculating the Capital Gain
Since the land is equally shared:
So, each of us had a Capital Gain of ₹8,47,665.
2. Tax Implications for My Wife under the New Regime (2024-25)
The tax calculation for my wife under the new regime, given that she has no other income as she is a housewife:
Applying the new tax slab:
Total Tax Liability: ₹34,767
3. Refund Calculation for My Wife
Summary
By opting for the new tax regime, my wife can claim a refund of ₹4,78,806.
Not sure if you are still active , but seems like you ended up paying the default.
May I know were you able to recover the money from the seller?
Yes, seller paid the default and got it refunded through second time return filing, however, it didn’t come easily and I had to lodge a dozen complaints with the income tax department as the amount was not initially available for refund to the seller.