TDS on sale of property

TDS on sale of property is required to be paid at 1% on amount of consideration payable on sale of property(Other than agriculture land) worth Rs.50 lakh or more to a resident transferor as per section 194-IA of Income Tax Act 1961.Form 26QB is online based challan which contains details including details of buyer,property being sold,seller,tax details,etc. If any mistake is done in form 26QB tax credit will not be available in form 26AS hence now government has enable online facility for correction of form 26QB which was earlier required to be submitted to jurisdictional assessing officer for correction which now can be online corrected.

TDS on sale of property
TDS on sale of property
TDS on sale of property
    Q.Who can submit online correction request for 26QB?
    A.Only person who is buying property registered with TRACES can submit online request for                     correction of FORM 26QB.
    Q.In which field correction can be made in 26QB online form?
    A.In following fields online correction in form 26QB can be made in  PAN of buyer,Financial year,PAN     of seller,Total value of consideration,property details,Amount paid/credited,date of deduction,date of         payment/credit.
    Q.On what basis jurisdictional assessing officer should be decided?
    A. Jurisdictional AO should be decided on basis of buyers PAN.
    Steps for 26QB online correction:
  1. Logging into TRACES website.
  2. In the statement/form tab click on “Request for correction” in which user will be required to click on 26QB proceed button.
  3. User will be required to enter relevant details like assessment year,pan of seller and acknowledgement number and thus requested number will be generated after submission.
  4. In the statement/form tab click on “Track correction request” in which user will be required to click on available once available status appears.
  5. User will be required to mention CIN as per challan paid against 26QB
  6. User need to select financial year and tax applicable to change FY in 26QB. After editing details user can submit correction statement on clicking save and submit button.
  7. After submission user can validate the same by everified bank account or DSC or assessing officer approval. 
Important points to note:
  • Once applied for correction,correction ID will be generated through which its status can be tracked.
  • For non registered DSC following should be done:
    • Submit hard copy of 26QB,Pan card,documents related to transfer of property,challan payment.
  •  E verified banking service can be used for submission of 26QB form without jurisdictional AO approval and without using DSC but the same cannot be used in case of NRI taxpayer.
To know more user can visit TRACES site for E Tutorial link for the same is  as below:

Owner of this information can be reached at K M GATECHA & CO LLP.


Important note: This does not lead to legal advice or legal opinion and is personal view and for information purpose only. It is prepared on  the basis of facts available and applicable law.It is suggested to go through applicable provisions of law,latest regulations,judicial announcements, circulars, notifications and clarifications  etc before taking any action based on above content.You agree here by that for any action taken on basis of above information in any manner writer or K M GATECHA & CO LLP is not responsible or liable for  any omission,reliability,accuracy,completeness,errors or authenticity.This work by professional is just for knowledge purpose and does not constitute any kind of  solicitation of work or advertisement.


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