The online form available on the TIN website to provide information about TDS On Real Estate is called Form 26QB. (The user must be ready to fill out the 26QB form with the following information: If there is a problem on the NSDL e-Gov website when entering the details in the online form, contact the TIN call center on 020 – 27218080 or write to us (Please provide the subject of the email as online payment of the TDS direct Tax_ when selling real estate). Once the payment is reflected in 26AS as above, you will have to go to traces again. Log in to the website and click the Downloads tab. Click on “Downloads requested” in the drop-down menu. If no request has been made, you will be asked to submit a download request, here you enter the confirmation number (nine-digit number) included on Form 26AS Part F as mentioned above. Once this is done, you can view the status of your application which generates an application request number. Form 26QB Justification Report includes details of any errors or omissions in the processing of the submitted TDS return. After viewing the errors, you can submit a correction TDS return to correct them. Let`s read how to download TRACES Form 26QB: as of June 2013, the buyer of a property worth Rs50 lakh and above should deduct 1% TDS at the time of payment.
Here is the guide to making TDS payments and getting Form 16B for the buyer and Form 26QB for the seller, I would like to guide readers through the TDS payment process and the steps to follow to get Form 16B (for self-notice or buyer) and Form 26QB for the (seller or deductor). It is important to ensure that PAN is correctly mentioned by the buyer and seller in the form. There is no online mechanism for subsequent correction. The recipient should contact the evaluating officer or the PTDCS to correct any errors. Within a few hours, the application will be processed and you will be able to view your Form 16B by entering the application number you received. You can take a print with you for your documents as well as for delivery to the seller of the property. A similar process must be followed by the seller to obtain Form 26QB. The buyer of the property (tax deduction) must provide information about the online transaction on the TIN website, i.e.
www.tin-nsdl.com. After successfully providing the transaction deduction details, you can: After selecting the form, you will be redirected to the screen to enter specific information. You should check the net banking website of your bank`s website for this information. With the confirmation receipt printed, you can go to any of the authorized bank branches to make the TDS payment retrospectively. The bank will make the payment via its netbanking function and provide you with the Challan counter sheet as confirmation of the payment of taxes. Based on the information on the confirmation form, the Bank will only make the payment through the Netbanking Facility by visiting tin-nsdl.com and entering the confirmation number duly generated by the tin for the statement already completed by the Buyer in connection with this transaction. The online Statement of Account Form/Form 26QB must be completed by each buyer for a unique buyer-seller combination for the respective share. For example.B. in the case of one buyer and two sellers, two forms must be completed and for two buyers and two sellers, four forms must be completed for the respective real estate shares.
Click Print Form 26QB to print the form. Then click on “Submit to bank” to make the required payment online via internet banking. Then, switch to the payment page via the online banking feature of different banks. A list of authorized banks can be found onlineservices.tin.egov-nsdl.com/etaxnew/Authorizedbanks.html a) The confirmation number of the Form 26QB provided is available on Form 26AS (Annual Income Tax Return) of the deduction (i.e. buyer/buyer of real estate). The same can be viewed on the TRACES website (www.tdscpc.gov.in) or b) The taxpayer can also click on the “View Confirmation” option hosted on the TIN website. The taxpayer must enter the buyer`s and seller`s NAP, the total payment and the valuation year (as indicated at the time of filing Form 26QB) to retrieve the confirmation number. Please note that the name and status of PAN corresponds to the ITD PAN master. You must verify the name before making the payment. If a discrepancy is observed, please confirm the PAN you entered.
Any required changes to the name displayed by the PAN template can be updated by completing the appropriate change request forms for PAN. If the name is correct, click “Confirm” the article contains important information for the 26QB justification report, short steps for the 26QB justification report, and an image guide for the 26QB justification report. Your bank will process the transaction online by debiting the bank account you provided and generating a printable confirmation with the challan identification number (CIN). You can check the status of the Challan in the “Challan Status Inquiry” on the NSDL e-Gov-TIN website with CIN after one week after payment. According to the Finance Bill 2013, TDS applies to the sale of real estate when the amount of the sale of real estate is greater than or equal to Rs.50,00,000 (fifty lakh rupees). Section 194IA of the Income Tax Act, 1961 states that in all transactions in effect on June 1, 2013, the purchaser of the property must deduct taxes of 1% at the time of payment of the amount of the sale. .