How To file 26 QB form Online In Case Of Multiple Buyers and Sellers
How To file 26 QB form Online In Case Of Multipule Buyers and Sellers
How will transactions of joint parties (more than one buyer/seller) be filed in Form 26QB? Online statement cum challan Form/ Form 26QB is to be filled in by each buyer for unique buyer-seller combination for respective share.
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General
What is TDS on property?
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth ` 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor
Who is responsible to deduct the TDS on sale of Property?
According to rules in respect of tax deducted at source, buyer of the property would have to deduct the TDS and deposit the same in Government treasury.
I am Buyer, do I required to procure TAN to report the TDS on sale of Property?
Buyer or Purchaser of the property is not required to procure Tax Deduction Account Number (TAN). The Buyer is required quote his or her PAN and sellers PAN.
What if I don't have the PAN of the seller, is it Mandatory?
PAN of the seller is mandatory. The same may be acquired from the Seller before effecting the transaction.
How can I use this facility to pay TDS on sale of Property?
The Buyer of the property (deductor of tax) has to furnish information regarding the transaction online on the TIN website i.e. www.tin-nsdl.com. After successfully providing details of transaction deductor can:
Either make the payment online (through e-tax payment option) immediately;
Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on TIN website (www.tin-nsdl.com)
If I encounter any error on Protean website while entering the online form details what should I do?
If any problem is encountered at the Protean website while entering details in the online form, then contact the TIN Call Center at 020 - 27218080 or write to us at (Please indicate the subject of the mail as Online Payment of Direct Tax_ TDS on sale of property).
What is Form 26QB?
The online form available on the TIN website for furnishing information regarding TDS on property is termed as Form 26QB
I have filled Form 26QB and made the payment online, but I forgot to save the Acknowledgment Number generated at TIN website. From where can I get the Acknowledgment Number.?
a) Acknowledgment number for the Form 26QB furnished is available in the Form 26AS (Annual Tax Statement) of the Deductor (i.e. Purchaser/ Buyer of property). The same can be viewed from the TRACES website (www.tdscpc.gov.in) or
b) Taxpayer can also click the option ‘View Acknowledgment’ hosted on the TIN website. Taxpayer needs to enter PAN of the Buyer and Seller, Total Payment and Assessment Year (as mentioned at the time of filing the Form 26QB) to retrieve the Acknowledgment Number.
What is Form 16B?
Form 16B is the TDS certificate to be issued by the deductor (Buyer of property) to the deductee (Seller of property) in respect of the taxes deducted and deposited into the Government Account.
From where will I get the Form 16B?
Form 16B will be available for download from the website of Centralized Processing Cell of TDS (CPC-TDS) www.tdscpc.gov.in
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