The Centralized Processing Cell (TDS)  released Online Correction facility for TDS statements filed in form 26QB, with respect to tax deducted at source on transfer of Immovable Property exceeding Rs. 50 Lakhs.

The Online Correction facility at TRACES can be used for closure of the following TDS Defaults, arising due to incorrect data entry in the 26QB statement:

  • Late Filing Fee is levied in accordance with section 234E of the Income Tax Act, 1961 where a person fails to file the TDS statement within the prescribed due date
  • Short Deduction and Interest thereupon is computed when the rate at which TDS deducted is less than 1% of the consideration for transfer.
  • Late Deduction Interest is applicable, if the date of deduction is after the date of payment or credit
  • Late Payment Interest is applicable, when deductor deposits the tax deducted after prescribed due date for deposit of challan deposit.

Requirements for Online Corrections:

  • Registration at TRACES is mandatory for using the Online Correction facility. Please refer to the e-tutorial for Registration at TRACES.

The Correction facility can be availed by using Digital Signature Certificate (DSC). Users without DSC, have an option to facilitate the correction through TDS Assessing Officer.

Following fields of 26QB statements can be corrected using the Online Correction facility:

  • PAN of Buyer Details
  • PAN of Seller Details
  • Amount Paid/Credited
  • Date of Payment/Credit
  • Date of Tax Deduction
  • Financial Year
  • Property Details

Corrections related to email address; Mobile Number and Address of the Property will not require DSC or Assessing Officer’s approval.

Please refer to the FAQ’s and e-tutorials on 26QB corrections for any assistance with the above. If you still face any problems, you are requested to raise your grievance through “Request for Resolution” on TRACES with screen print of the error.

For further assistance, you may contact our Helpdesk at 18001030344, 0120-4814600. CPC (TDS) is committed to provide the best possible services to you.

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