You are hereby notified that a total amount of ₹1,72,620 (including interest) is payable for the tax deduction at source (TDS) statement you filed.
Details of Payable Amount
Important Note for Property Buyers
If you are purchasing a property worth ₹50 lakhs or more, it is mandatory to deduct 1% TDS on the property value and deposit it with the government within the prescribed time. Failing to do so can lead to:
Late Filing Fee u/s 234E: ₹200 per day for delays in filing the TDS statement.
Interest on Payment Default u/s 201: Interest will be charged for late payment of the deducted TDS.
In this specific case:
The property was purchased in December 2022, but the TDS was only paid on 14th September 2024, resulting in interest and penalties.
Key Information
The default amount has been calculated under Section 200A for the TDS statement filed by you.
Late Payment Interest: ₹54,021.00 is due for late payment under Section 201 for the delay between December 2022 and September 2024.
Late Filing Fee: ₹1,18,600.00 has been levied under Section 234E for late filing of the TDS statement.
Instructions for Payment
You are required to pay the total amount within 30 days from the date of receiving this notice. If the amount is not paid within this period, additional interest will apply under Section 220(2) at the prescribed rate.
In case the demand is not paid within the specified time, a penalty under Section 221 may be imposed, which can be as high as the amount in arrear.
Further Actions
If you have already paid this demand, the TDS CPC will adjust it accordingly.
You may file an appeal with the Commissioner (Appeals) within 30 days from the date of this notice under Section 246A of the Income Tax Act.
Computation Logic
Interest on Late Payment: Calculated from the date of property purchase (December 2022) to the date of TDS deposit (14th September 2024) as per Section 201(1A).
Levy under Section 234E: Calculated at ₹200 per day for each day of delay in filing the TDS statement.
No short deduction: No short deduction interest is applicable as the deduction rate is per the Income Tax Act.
General Points to Remember
Always mention the Document Identification Number (DIN), Date of Order, and PAN in any correspondence.
This notice is treated as a demand notice under Section 156 of the Income Tax Act.
For payment or to file corrections, visit the TRACES portal (tdscpc.gov.in) or the e-filing portal at eportal.incometax.gov.in.
