TDS with Penalty and Interest
Hi,
I am an NRI and I have bought a property in Hyderabad in June 2012, however due to the delay from the builder side I am getting the property next month i.e. Feb 2017. On request from builder I have made the 1% TDS payments on all the installments (home loan and initial payment) to the builder, but the builder at the end decided to deduct TDS payments I made so far from what ever I owe to him. Now that I have to pay from the starting of time, I am seeing steep Interest and Late Payment fee. Having learned that its my responsibility to pay TDS all the way, looks like to be on the right side, I don't have a choice but to pay Penalty and Interest a long with the TDS. Can you please let me know how the total amount I calculated is correct or now?
15-Dec-13 1100000 (38 months as on Jan 2017)
15-Jan-14 1100000 (37 months as on Jan 2017)
15-Mar-14 500000 (34 months as on Jan 2017)
01-Jan-15 500000 (25 months as on Jan 2017)
1-Jul-15 500000 (19 months as on Jan 2017)
15-Oct-15 1000000 (16 months as on Jan 2017)
15-Sep-16 400000 (5 months as on Jan 2017)
Total 5100000
TDS@1% - 51,000
Interest@1.5% on each payment TDS (total) - 20,925
Penalty - Same as TDS 51,000 as 200/day would cross the total amount.
So total I owe- TDS+Interest+Penalty - 51,000+20,925+51,000 = Rs.1,22,925/-
Please let me know your valuable suggestion(s).