Form 26qb online

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% or 0.75% should be deducted (depending upon the Date of Payment/Credit to the Seller) by the purchaser of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorised bank branches. Detailed procedure, user friendly e-tutorial, list of Bank branches authorised to accept TDS and Frequently Asked Questions (FAQs) are available on this website for reference. Points to be remembered by the Purchaser of the Property: • Deduct tax @ 1% or 0.75% from the sale consideration (depending upon the Date of Payment/Credit to the Seller). • Collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card. • PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction. • Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department. Points to be remembered by the Seller of the Property: • Provide your PAN to the Purchaser for f...

Urvi Parekh Ambbala As we all know that the purchaser of property with value of Rs. 50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller. I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor or buyer) and Form 26QB for the (seller or deductee): Firstly one has to go to the site of Tin.nsdl in following link: https://onlineservices.tin.egov-sdl.com/etaxnew/tdsnontds.jsp Online Payment through Challan 26QB: Once this link is opened click on Form 26QB (Payment of TDS on sale of property). Select (0021) in case of non corporate payer and 0020 in case of corporate payer. On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page, which will give you the option to select your bank. Once you select the bank, then login using the normal online process for your bank. Once the payment is made the bank will let you print challan 280 with a tick on (800), which is payment of TDS on sale of property. Take a printout of the challan and keep the same for your records and for the builder/seller if required. This is the first phase of the process. There is also alternative mode payment if one does not have online banking registration. One can fill in the form as above & while proceed there is option of “...

PROCEDURE FOR E-PAYMENT: 1. To pay taxes online, the taxpayer will select the relevant challan i.e. ITNS 280/281/ 282/283/285/286/287 or Form 26QB/QC as applicable. 2. Enter his or her PAN / TAN as applicable. Further, taxpayer will select the required Tax applicable, Type of Payment, Nature of Payment and Assessment/Financial Year as displayed on the screen. 3. Apart from the aforementioned details, taxpayer is required to enter the address details (such as City, Pin Code, State etc.). 4. Two modes of payment options will be available to the taxpayer i.e. Net Banking or Debit card of the selected bank. Taxpayer can choose the available payment options. 5. After entering the above details and selecting the required Bank, taxpayer will be prompted to enter the text (CAPTCHA) as displayed on the screen. On successful matching of CAPTCHA text, if taxpayer clicks on 'proceed' button, confirmation screen gets displayed. 6. On the confirmation screen, non-financial/financial details entered by the taxpayer at first screen along with the Name of the taxpayer as per the database of the Income Tax Department (Masked) will be displayed to the taxpayer. 7. After ensuring the correctness of the details displayed, the taxpayer can proceed to make the tax payment. 8. Upon confirmation, taxpayer will be redirected to the Banks payment gateway i.e. Debit Card/Net Banking web page. Taxpayer will login to the net-banking site with the user ID/ password provided by the bank for net-banking p...

Under Section 194IA of Income Tax Act, the buyer of any immovable property is required to deduct TDS @ 1% of the total sales consideration before making payment to seller Following points are noteworthy in this context: • Rate of deduction of TDS is 1% of total sales consideration • Buyer shall deduct TDS if sales consideration is Rs. 50 Lakhs or more • If the payment is made in installments, TDS has to be deducted on each installment paid • TDS is to be deducted at the time of payment or at the time of credit to the seller, whichever is earlier • TAN of buyer is not required for deducting TDS. TDS in respect of property is deducted on the basis of PAN only • If PAN of seller is not available, TDS shall be deducted @ 20% of sales consideration • TDS so deducted has to be paid by buyer using Form 26QB within 30 days from the end of the month in which TDS was deducted • After depositing TDS to Government, the buyer is to furnish TDS certificate in Form 16B to the seller (a) If payment is made online:- Make payment through net banking (b) If payment is made offi\line:- Generate 26QB showing unique acknowledgement number and visit any bank branch for payment • Make payment of TDS through challan 26QB (online or offline) on • Wait for 6-7 days so that challan so paid is reflected on TRACES site- https://www.tdscpc.gov.in • Buyer to register on TRACES website as “Tax Payer” using his PAN & challan number • Activate User ID of buyer by validating email activation code and mobile ...

As per the provisions under Section 194-IA of Income Tax Act, 1961, when an individual buys immovable property worth more than Rs. 50 lakh, he or she has to deduct TDS when paying the seller. The TDS amount is paid to the government by filing Form 26QB in under 30 days from the month’s end for which TDS was deduction was initiated. For example, if a transaction was initiated on June 15 th , 2020, the TDS amount must be paid to the government by July 31 st , 2020. However, it is essential to note this TDS deduction and payment is only applicable if an immovable property was purchased after June 1 st , 2013. If formalities involving the property were completed before the date, filing TDS is not required as per the Income Tax Act provisions. Requirements Associated with Form 26QB Section 194-IA of • A buyer must deduct TDS at the rate of 1% from the sale value of the immovable property at the time of the transaction. • A buyer does not have to deduct TDS payment on purchase of property if its cost is below Rs. 50 lakh. • A buyer doesn’t need to acquire a Form 26QB. • Multiple Form 26QBs will be required in case there are numerous buyers and sellers. • If the property’s payment is made in instalments, TDS is deducted in instalments on a pro-rata basis. • Post deduction and payment of TDS, a buyer has to issue a Form 16B (TDS certificate) to the seller within 15 days. TDS has to be paid equally at similar rates by all buyers in case of more than one buyer. • A buyer does not ha...