CA Ashish Arora
The Finance Bill 2013 has proposed that purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Seller, property being sold, sale consideration, tax deposit details etc. Various instances are seen were some or other attribute of challan is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Following procedure shall be followed for correction of Challan:
1. Correction will only be allowed on the following challan attributes:
a) Buyer PAN
b) Seller PAN
c) Assessment Year
d) Major Head[ i.e. 20(corporate) and 21(Non-corporate)]
2. No correction will be allowed for change of Minor Head (i.e. from minor head 800 to other taxes having minor heads 100, 200, 300 etc or vice versa) or Amount.
3. The buyer of the property will submit an application requesting for correction in Form 26QB challan to the PAN Assessing Officer as per the jurisdiction of the buyer’s PAN.
4. The buyer encloses a copy of the no objection letter from the seller on the affidavit (in original) along with such application.
5. Then the application along with affidavit will be submitted to the jurisdictional CIT of the AO through Range Head.
6. The Correction made if any will be reflected in Form 26AS of the seller.