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FORM 26QB/SECTION 194IA


1. We collect required data required for filing

2. We shall file return on your behalf.

3. Hence all your compliance requirement are duly fulfilled.



Overview



Section 194IA is inserted by Finance act 2013 and is applicable from 01st of June, 2013. A person who is purchasing any immovable property (other than agricultural land) from a resident is required to deduct TDS @ 1% from the amount payable in this behalf.

TDS is not required to be deducted If the property value is less than Rs. 50 lakhs. Also, TDS is required to be deducted on all type of immovable property such residential property, commercial property or industry except agricultural land.


overview


Rate of tds / threshold limit



TDS is required to be deducted @ 1% on the amount payable to the seller of property. If the PAN number of the seller is not available, then the TDS is required to be deducted @ 20%.

No tax is required to be deducted where the total amount of consideration (selling price of property) is less than Rs. 50 lakhs. When amount of consideration is Rs 50 lakhs or more then the TDS is to be deducted on the whole amount not only on the amount exceeding Rs. 50 lakhs.



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Time of deduction



Tax is required to be deducted at the time of credit of such sum to the account of the payee or at the time of payment whichever is earlier. The date of registration, agreement or contract is irrelevant for deciding the time of payment of TDS.




Due date of tds payment



The deductor i.e. the purchaser of property has to file form 26QB which is a Challan cum declaration statement within 30 days from the end of the month in which payment is made. No separate TDS return is to be filed in respect of such deduction. Form 26QB has to be file online on https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp. Manual submission of form is not allowed.




Other points



  • TDS is to be deducted for each instalment and for each deduction a separate Form 26QB is required to be filed.
  • Form 26QB is to be file for one buyer one seller combination. For e.g. if there are 1 buyer and 2 seller then 2 Form 26QB is to be filed similarly if there are 2 buyers and 2 sellers then 4 Form 26QB is to be filed (2 Forms by each buyer) for each deduction.
  • There is no requirement of obtaining Tax deduction account number (TAN) of the person who is required to deduct tax in this section. Only PAN of the buyer i.e the deductor is required for filing form 26QB.



Procedure



Form 26QB is a challan cum declaration statement. Therefore, it?s not possible to pay TDS without filing this form and not possible to file the form without payment of TDS.

  • Visit https://onlineservices.tin.egovnsdl.com/etaxnew/tdsnontds.jsp
  • Click on Form 26QB. If you have received a demand notice from Income Tax Department then click on Demand Payment option for TDS on property.
  • Form is having various section as follows: -
    • -> Tax Applicable
      Select Corporation tax if the purchaser is a Company otherwise select Income Tax. The status of seller is irrelevant.
    • -> Type of Payment
      By default, TDS on sales of property will be selected.
    • -> Status of Payee/Seller/Transferor
      Select option of Resident. If the seller is Non-Resident, then Form 27Q is required to be filled.
      • -> Enter the PAN and address of the purchase and seller and the complete address of the property transferred.
      • -> Enter the amount paid/credited to the seller. If the payment is being made in instalment, then enter the amount of the instalment to which this form 26QB is applicable.
      • -> Enter the amount paid or credited. TDS rate of 1% will get auto filled on the basis of the PAN number entered above. Enter the amount of the TDS and any interest or Fee which are being paid by using this Challan.
      • -> Select e-tax immediately in case the payment will be made using internet banking or debit cards. You can select e-tax payment on subsequent date when the payment will be made using authorized bank branches.
      • -> Enter the confirmation code and click on Proceed button.
      • -> On the next screen name of purchase and seller will be shown along with all the details filled on previous screen. Click Confirm after cross checking all the information.
  • An acknowledgement number will be generated and will be required in case if there are any changes in the challan filed.
  • If you have selected e-tax immediately then you will be redirected to the banking site otherwise a challan will be generated which can be deposited in any authorized branch. Return will be considered as submitted only when the TDS payment is completed as the form is TDS challan cum TDS statement.



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FAQ



Yes, corrections under 26QB are possible.

Each buyer must complete challan cum e-statement Form/Form 26QB for every unique buyer-seller combination for the fair share. For example, if there is one buyer and two sellers, two forms must be completed, and if there are two buyers and two sellers, four forms must be completed for corresponding property shares.

   The buyer has to deduct TDS on payment of consideration to the seller.



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