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Introduction: Filing TDS on the sale of property can be a daunting task, but with the right guidance, it becomes a seamless process. This article provides a detailed, step-by-step procedure for filing TDS using Form 26QB. From logging into the e-filing portal to downloading Form 16B, we break down the process to ensure a hassle-free experience for taxpayers.

Detailed Analysis:

I. Steps to fill form 26QB:

1. Log in to the e-Filing Portal: Navigate to the Income Tax e-filing portal (https://www.incometax.gov.in/iec/foportal/) and click on ‘e-file.’ Select ‘e-Pay tax’ and proceed to ‘New Payment.’

2. Select Form 26QB: Under ’26 QB (TDS on Sale of Property),’ fill in the required details, including residential status, PAN of the seller & buyer, communication details, property details, and payment information.

3. Choose Payment Mode: After submitting the form, select the mode of payment – Net banking, Debit Card, Bank counter, RTGS/NEFT, or Payment Gateway.

4. Make Payment: Proceed to make the payment, and upon successful completion, a challan counterfoil will be generated, serving as proof of payment.

5. Visit TRACES Portal: Head to the TRACES portal (www.tdscpc.gov.in) after 5 days to download Form 16B.

II. Steps to Download Form 16B:

i. Register and Login: Register and log in on the TRACES portal using your PAN as a taxpayer.

ii. Access Form 16B: Under the “Downloads” menu, select “Form 16B (For Buyer)” and enter transaction details. Click “Proceed.”

iii. Submit Request: Confirm the details and click “Submit Request” on the confirmation screen.

iv. Retrieve Download Request: Note the request number for your download request. Access “Requested Downloads” and search for your request number.

v. Download Requested Files: Click on “HTTP download,” and retrieve the requested files.

vi. File Password: Use the date of birth of the buyer as the password to open the requested file.

Conclusion: By mastering the Form 26QB procedure, taxpayers can navigate the complexities of TDS filing on property sales effortlessly. From initiating the payment on the e-filing portal to obtaining Form 16B on the TRACES portal, following these steps ensures a smooth and accurate compliance with TDS regulations. Simplify your tax obligations and embrace a hassle-free approach to property transactions.

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One Comment

  1. RAJ KUMAR SINGH says:

    Sir My Question is that who is responsible the deduction of TDS on sale of property.
    If buyer is responsible for deduction of TDS why not to use the word purchase of property.

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