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Correction in Form 26QB Challan (TDS on Sale of Property)

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.

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.

Also Read- TDS on Purchase of Immovable Property – FAQ , Payment Procedure

Categories: Income Tax

View Comments (30)

  • Sir,
    IF ANYBODY PAYS LESS AMOUNT WHILE DOING THE PAYMENT THROUGH INTERNET BANKING MODE, HOW THEY CAN PAY THE REMAING AMOUNT.
    i.e., THE AMOUNY IS 11,25,301.05, BASED ON THAT THE 1% TDS IS 11,254 BUT YOU ENDED UP PAYING 11,253.

    HOW CAN WE RECTIFY THIS.

    THANKS AND REGARDS

    • I have entered wrong financial year and hence assessment year one year before . How can i get it rectified?

  • Buyer of the property has made the TDS payment and is reflecting in TIN - NSDL but not in TRACES website for the Seller.
    Buyer has made 1 % TDS pymt under 194LA - Payment of Compensation on acquisition of property as nature of payment but has mentioned AY incorrect.

    How is the correction to be made here?
    Not sure if buyer has done online form 26QB.
    How can this be reflected in Seller TRACES?

  • I made an online payment towards form 26QB but instead of paying the Fees, I paid the Income Tax by mistake. How do I get this corrected

  • Form 26QB generated two acknowledgement numbers by mistake but i wanted to generated only one form any problem?

  • I am made the payment of 26QB TDS of one buyar but it has two buyar then who can I revised the challan

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