Whenever we engage in a transaction of immovable property which is of a value more than Rs. 50 lakhs, TDS has to be paid. The government via Finance Bill 2013 stated that an individual who purchases an immovable property (other than agricultural land) costing more than Rs. 50 lakhs must pay the tax at the rate of 1% from consideration payable to resident transferor. So, the buyer, In this transaction, deducts TDS and deposits it to the government.
Now what is Form 26QB you ask. Basically Form 26 QB is a form for furnishing TDS on property which was deducted by the buyer.
Who can submit Form 26QB?An Indian citizen who has purchased an immovable property (except for agricultural land) have to deduct TDS on purchase and submit it to the government by filling Form 26QB.
How to pay TDS on property purchase?In order to file Form 26QB, you will have to perform the following actions:
Visit
https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
Go to ‘TDS on Property (Form 26QB)’ and click on Proceed tab.
You will need to enter a few details and make the required payment.
The payment can be done online via e-challan or you can visit the bank to make payment.
We have so far known what is Form 26QB, and how to fill it. Let us look at the steps If you want to make any corrections in your Form 26QB.
Go to
https://www.tdscpc.gov.in/app/login.xhtml
Go to the option ‘Taxpayer/PAO’
Login using User ID and Password.
Now select “Online Correction” under “26QB” tab to initiate correction request
Update and verify the details that need correction
Select the option to verify the request either through Net banking/ Digital Signature/AO Approval
And now wait for verification for correction approval.
This is all you must know about form 26QB and its importance when you are purchasing an immovable property.
What is Form 26QB?
R.Hrithik
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2021-05-06T17:22:20+00:00 2023-06-16T11:14:47+00:00Comment
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