TDS not deposited by deductor | TDS on property transaction

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  • Опубликовано: 8 сен 2024
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    If TDS (Tax Deducted at Source) is deducted by a property buyer but not deposited to the government, the seller (you) can take the following steps:
    1. _File a complaint_: Report the issue to the Income Tax Department, citing the buyer's name, PAN, and transaction details.
    2. _Form 26AS_: Check your Form 26AS to see if the buyer has deducted TDS but not deposited it.
    3. _Issue a notice_: Send a notice to the buyer, demanding payment of the deducted TDS.
    4. _File an appeal_: If the buyer doesn't respond, file an appeal with the Commissioner of Income Tax (Appeals).
    5. _Seek legal advice_: Consult a tax expert or lawyer to explore legal options.
    Remember to keep records of all correspondence and transactions related to the sale. The Income Tax Department may take necessary actions against the buyer for non-compliance.
    In extreme cases, the seller may need to bear the tax liability if the buyer fails to deposit the deducted TDS. To avoid this, it's essential to ensure the buyer deposits the TDS before handing over the property.

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