With the printing of the confirmation form, you can go to one of the authorized bank branches and then make the payment of TDS. The bank will make the payment via its netbanking service and provide you with the Challan counter sheet as confirmation of the payment of taxes. Based on the information contained in the confirmation form, the bank will only make the payment through a net banking facility by visiting tin-nsdl.com and entering the confirmation number correctly generated by TIN for the statement already completed by the buyer for this transaction. i) On the next screen, the name of the purchase and seller will be displayed, as well as all the details filled in on the previous screen. Click Confirm after reviewing all the information. b. The tax thus deducted must be paid into the government account via the electronic tax payment option (netbanking) or one of the authorized bank branches. Any amount so deducted under Article 194-IA shall be transferred to the central government account within seven days of the end of the month in which the deduction is made. The Income Tax Act allows the payment of interest at a rate of 0.5% per month under section 244A to a taxpayer for the refund due for an ITR produced. In the case of an ITR submitted within the prescribed period, interest is due from 1 April of the valuation year until the date of repayment. In the event that the ITR is filed after the due date, interest is payable from the date of filing of the ITR until the date on which the repayment is granted.
See the full procedure for filing Form 26QB on Incometaxindia.com. g) Select e-tax immediately if the payment is made with online banking or debit cards. You can select the payment of the electronic fee at a later date when the payment is made through authorized bank branches. (The user should be prepared with the following information when filling out Form 26QB: Important: It is recommended to have all of the above information at hand before you start filling out the form, as you need to fill it out within 30 minutes of the start to find out what matters as farmland, click here. The buyer of the property must make the payment of TDS. It is its responsibility to provide the information about the online real estate transaction on the TIN website. After successfully providing the transaction details, the deductor can: e) Enter the amount paid/credited to the seller. If the payment is made in instalments, enter the amount of the payment to which this Form 26QB applies. 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 deduction must contact the evaluating officer or the SDDC to correct the errors. 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 in 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”, click ”Print Form 26QB” to print the form. Then click on ”Send 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. For a list of authorized banks, we refer to onlineservices.tin.egov-nsdl.com/etaxnew/Authorizedbanks.html 1% per month for the period from the date TDS is deductible/recoverable to the date TDS/TCS is actually deducted. After selecting the form, you will be directed to the screen to enter specific information. a) Permanent account number (PAN) of the buyer and seller of the property. b) Address of the buyer, seller and property to be acquired c) Fiscal year in which the purchase was made d) Main code – To indicate the type of applicable tax, i.e. corporate tax / non-company tax e) The value of the property f) The date of the agreement/ reservation g) The amount paid / credited (transaction amount) h) the TDS rate i) the TDS amount j) The date of payment / credit, Deduction k) Select the option for ”Taxes immediately” In accordance with Article 234E of the Computer Law of 1961 in conjunction with Rule 31A (4A) of the Computer Rules of 1962, the failure of the taxpayer to submit a declaration in Form No. 26QB electronically within seven days of the end of the month in which the tax deduction is made will result in the collection of expenses, to be paid by the buyer/buyer/payer.
You should be able to see that the status of your Form 16B download request is available. If the status is Submitted, wait a few hours before repeating the last step. Download the .zip file. The password to open the .zip file is Deductor`s date of birth (the format is DDMMYYYYYYY). Your form will be available in PDF format in the .zip file. Print. c. The PAN of the seller as well as the buyer should be mandatory in an online form (Form 26QB) to provide information about the real estate transaction. The ability to provide information about the transaction of the sale of real estate and its payment to TDS is available on the website www.tin-nsdl.com (www.tin-nsdl.com/). The Income Tax Department regularly receives an annual information return (AIR) from the registrar/sub-registration office. From this report, the department can find out if you have made a real estate transaction through Rs.50 Lakh.
If the buyer has not deducted a withholding tax of 1% (or 0.75%) from the transaction amount or has not submitted TDS within the specified time frame, the IT department will send a notice to the buyer. The person entitled to deduct, i.e. the purchaser of the property, must submit Form 26QB, which is a challan declaration, within 30 days of the end of the month in which the payment is made. No separate TDS tax return should be submitted for such a deduction. Form 26QB must be filed online on onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp. Manual submission of the form is not allowed. Electronic payment of fees at a later date will be linked to FORM 26QB based on the confirmation number generated at the time of filing Form 26QB. This will give you details such as the TDS certificate number (which generates TRACES), the name and PAN of the deduction, the date and amount of the transaction, the confirmation number (which matches that of your Form 26QB), the filing date and the TDS filing. Form 26QB applies to the purchase of real estate after June 1, 2013. Therefore, for properties where formalities were completed prior to this date, no form 26QB submission is required. If you make the payment through a bank, note that the bank will make the payment without scanning a challan. The bank receives Challan`s details online from the form submitted on www.tin-nsdl.com.
The online form available on the TIN website to provide information about TDS about the property is called Form 26QB If there is a problem on the NSDL e-Gov website when entering details into the online form, contact the TIN call center on 020 – 27218080 or write to us (Please specify the subject of the email as an online payment from Direct Tax_ TDS when selling real property). According to the information you received in the Annual Registrar/Sub-Registrar Information Return (AIR), you made a transaction for the purchase of real estate that exceeds Rs. 50 lakhs (fifty lakh rupees) during the 2013-14 fiscal year. However, the TDS return in Form 26QB has not yet been submitted by you. In this regard, your urgent attention is required on the following regarding the filing of the TDS return in Form 26QB and the issuance of TDS certificates in Form 16B downloaded from TRACES. If the buyer has used a loan from a bank and the bank pays directly to the seller, this is also considered a payment and TDS must be deducted to the seller on the day of that payment. The date of payment of EMI by the buyer to the bank is irrelevant. You should check the net banking website of your bank`s website for this information.
For the time and efficient collection of taxes, the Income Tax Act introduced a tax deduction system at the time of income generation. This system is called ”Tax deducted at source”, commonly known as TDS. For example, if the amount of property sold is ”70 lakhs”, would TDS be charged at ”20 lakhs or ”70 lakhs”? TDS must be deducted from the amount paid/credited to the Seller. In the above cases, the deduction is e.B linked to the total amount, i.e. `70 lakhs. 5) If you have immediately opted for the e-tax, you will be redirected to the bank`s page, otherwise a Challan will be generated, which can be deposited in any authorized branch. The return is not considered submitted until the TDS payment is completed, as the form is a TDS challan TDS statement. The buyer must provide the seller with a TDS certificate on Form 16B within 15 days of the date of filing of the Form 26QB. The form must be downloaded from the Tracks website.
Form 16B must be uploaded by the www.tdscpc.gov.in and given to the seller of the property within 15 days of the filing date of the Form 26QB. There are 2 payment methods at the bottom of the page: electronic tax payment immediately (via a net banking facility) and electronic tax payment at a later date (electronic payment of taxes by visiting one of the bank branches). Select the one you prefer and click Next. The tax must be deducted at the time of credit of this amount to the beneficiary`s account or at the time of payment, whichever comes first. .