Form 26QB: TDS on Sale of Property
5paisa Research Team
Last Updated: 22 Mar, 2023 05:27 PM IST
Content
- Introduction
- What is Form 26QB?
- Requirements Associated with Form 26QB
- Penalty Charges Associated with Form 26QB
- How to Fill Form 26QB Online?
- Here are Some Authorized Banks Through Which one can Make Payments of TDS:
- Form 26QB Download
- Conclusion
Introduction
Form 26QB is a form used by buyers to file their tax deducted at source (TDS) return for the sale of a property. The form is provided by the Income Tax Department and comes under the purview of Section 194IA of the Indian Income Tax Act, 1961. It requires sellers to deduct a certain percentage of tax from property sales, ranging from 1% to 30%, depending on the amount of sale. This article will discuss everything about form 26QB and the meaning of 26QB TDS return.
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Frequently Asked Questions
Yes, you can claim the TDS deducted on the sale of the property by filing form 26QB. This form is available on the Income Tax e-Filing website and can be downloaded in PDF format. After filling form 26QB with necessary details such as PAN numbers of both buyer and seller, form 16A/challan 280 information, etc.
Under the Income Tax Act, failing to deduct TDS on payment of purchase consideration for immovable property can attract a penalty and interest. Buyers should ensure that form 26QB is filled and submitted in a timely manner to avoid any penalties.
Yes, form 26QB can be revised if there is any discrepancy in the form. To revise form 26QB, one must log in to the Income Tax e-Filing website and select form '26QB' from the list of e-forms.
Yes, form 26QB should be filled and submitted to the NSDL website along with form 16A/challan 280 information before the registration of the property is done. An acknowledgment form will be issued, which can be used as proof of filing form 26QB.
In such cases, TDS is deducted at the rate of 20% instead of the applicable rate. Buyers should keep form 26QB and form 16A/challan 280 information along with form 26QB TDS return reference number for future reference. This will help buyers in case of any query or dispute related to form 26QB from the Income Tax Department.
You can deduct TDS on property purchases even without a PAN Number. To do this, form 26QB needs to be filled and submitted along with form 16A/challan 280 information to the NSDL website.
An interest rate of 1% p.m. is applicable for any late payment or non-payment of form 26QB. Therefore, buyers should ensure that form 26QB is filled and submitted as soon as possible to avoid any penalty or interest charges.
You have two options for this:
● Form 26QB payment can be made through a net banking account or Challan 280.
● You can generate form 26QB e-payment form from the official Income Tax website. Once form 26QB is generated, you can pay tax through a credit/debit card using the form.