Form 26QB is a challan-cum declaration. Therefore, it is not possible to pay TDS without submitting this form, and it is not possible to submit the form without payment from TDS. TDS must be deducted by the buyer from the full amount paid or credited to the seller if the amount exceeds Rs 50 lakh. For example, if a property is purchased for Rs 70 lakh, then TDS must be deducted from the total amount – i.e. Rs 70 lakh, not just on the Rs 20 lakh exceeding the threshold of Rs 50 lakh. Important: It is recommended that you have all of the above information at hand before you start filling out the form, as you must complete it within 30 minutes of launching and you should be able to see that the status of your Request to Download Form 16B is available. If the status is Submitted, wait a few hours before repeating the last step. Download the .zip file. The password to open the .zip file is Deductor`s date of birth (the format is DDMMYYYYYYY).
Your form will be available in PDF format in the .zip file. Print. Form 26QB applies to the purchase of real estate after June 1, 2013. Therefore, for properties where formalities were completed prior to this date, no form 26QB submission is required. g) Select e-tax immediately if the payment is made with online banking or debit cards. You can select the payment of the electronic fee at a later date when the payment is made through authorized bank branches. The buyer of the property must make the payment of TDS. It is its responsibility to provide the information about the online real estate transaction on the TIN website. After successfully providing the transaction details, the deductor can: See the full procedure for filing Form 26QB on Incometaxindia.com. According to the information you received in the Annual Registrar/Sub-Registrar Information Return (AIR), you made a transaction for the purchase of real estate that exceeds Rs.
50 lakhs (fifty lakh rupees) during the 2013-14 fiscal year. However, the TDS return in Form 26QB has not yet been submitted by you. In this regard, your urgent attention is required on the following regarding the filing of the TDS return in Form 26QB and the issuance of TDS certificates in Form 16B downloaded from TRACES. f) Enter the amount paid or credited. The TDS rate of 1% is automatically entered according to the PAN number entered above. Enter the amount of the TDS and any interest or fees paid using this challan. 5) If you have immediately opted for the e-tax, you will be redirected to the bank`s page, otherwise a Challan will be generated, which can be deposited in any authorized branch. The return is not considered submitted until the TDS payment is completed, as the form is a TDS challan TDS statement. Form 26QB Challan must be completed by each buyer for each unique buyer-seller combination for their respective share. For example, for one buyer and two sellers, two forms must be completed. If there are two buyers and two sellers, four forms must be completed. Select the customer name and username, the password will be filled in automatically.
Click Print Form 26QB to print the form. Then click on “Send to bank” to make the required payment online via Internet Banking. Then, switch to the payment page via the online banking feature of different banks. A list of authorized banks can be found in onlineservices.tin.egov-nsdl.com/etaxnew/Authorizedbanks.html (the user must be ready by filling out Form 26QB with the following information): To complete this process, fill in the seller`s PAN and confirmation number relating to the real estate transaction for which Form 16B is to be requested and click “Next” .c) Status of the beneficiary / seller / transferorChoose You have the possibility to reside. If the seller is not a resident, Form 27Q must be completed. If you make the payment through a bank, note that the bank will make the payment without scanning a challan. The bank receives Challan`s details online from the form submitted on www.tin-nsdl.com. Once registered, you can receive the approved Form 16B (TDS Certificate) and issue this form to the seller.
Check your Form 26AS seven days after payment. You will see that your payment is included in Part F under “Details of tax deducted on the sale of real estate u/s 194 (IA) [For buyers of real estate]”. Part F information is not available for the buyer`s complaint in ITR. c. The PAN of the seller as well as the buyer should be mandatory in an online form (Form 26QB) to provide information about the real estate transaction. The ability to provide information about the transaction of the sale of real estate and its payment to TDS is available on the website www.tin-nsdl.com (www.tin-nsdl.com/). From 1. June 2013, if a buyer buys a property (i.e. a building or part of a building or land other than agricultural land) that costs more than Rs 50 lakhs, he must deduct the withholding tax (TDS) when paying the seller. This was set out in section 194-IA of the Income Tax Act. The person entitled to deduct, i.e. the purchaser of the property, must submit Form 26QB, which is a challan declaration, within 30 days of the end of the month in which the payment is made.
No separate TDS tax return should be submitted for such a deduction. Form 26QB must be filed online at onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp. .