Form 26QB
An summary of the Form 26QB
What is Form 26QB?
If you are purchasing property for Rs. 50 lakhs or more, you must deduct TDS (Tax Deducted at Source). Section 194IA of the Income Tax Act covers this rule. TDS is a small tax deduction from the selling price of 1% for resident sellers.
When transferring property, you should include payments for club memberships, parking, utilities, and maintenance costs. Remember to file TDS returns using Form 26QB. You don’t need a TAN (Tax Deduction and Collection Account Number).
Make sure you have both the buyer’s and seller’s PANs. TIt is necessary to present the TDS and form 26QB at the same time. Within 15 days of completing Form 26QB, the buyer has to provide the seller with a Form 16B certificate.
When should Form 26QB be filed?
The buyer must complete Form 26QB within 30 days of the end of the month in which the tax deduction was made.
Process to Fill & Download Form 26QB
Follow these steps to fill out Form 26 QB:
1. Access the TIN-NSDL website: Visit the official TIN-NSDL website, which serves as the platform for online tax payments.
2. Select Form 26QB: On the TIN-NSDL website, look for “Form 26QB” under the “TDS on Sale of Property” category.
3. Fill out the transaction details: You must provide information such as the buyer’s and seller’s PAN (Permanent Account Number), property data, and transaction amount. Make sure all of the information is correct.
4. Verify the information. Double-check all of the information entered to ensure accuracy. Once verified, click the “Proceed” button.
5. Payment for TDS: You will be forwarded to the payment portal. You can pay the TDS online using net banking or other alternative payment options.
6. Receive the acknowledgment: You will receive an acknowledgment with a unique number following successful payment.
7. File Form 26QB: Within ten days of the end of the month, TDS was deducted; you must file Form 26QB together with the acknowledgment number generated during the payment processing.
The Income Tax e-Filing website offers the option of downloading Form 26QB. To receive form 26QB, you need to:
1.Login to the official Income Tax e-Filing website.
2.Select the ‘Downloads’ option from the menu.
3.Choose the ’26QB’ form.
4.Obtain the form 26QB in PDF format by downloading.
5.Access the PDF viewer for form 26QB and fill out the form with the information requested earlier.
6.After calculating the TDS amount, complete form 26QB and submit it.
7.Finally, we will provide an acknowledgment form as proof that you have submitted Form 26QB.
Penalties Related to form 26QB
The following table shows the penalties related to Form 26QB:
Explanation for Penalty | Penalty Charges |
Delay in filing the TDS | According to the regulations of Section 234E, you must pay a penalty charge of Rs 200 for every delayed day. |
If the TDS is deducted but not paid to the government. | A penalty of 1% interest per month for not remitting TDS to the government. |
TDS is not being deducted | A 1% interest penalty on the amount not deducted for TDS. |
If the necessary statement is not filed within the specified period | Section 271H imposes a penalty ranging from Rs 10,000 to Rs 1 lakh. However, no penalty penalties will apply if you pay TDS along with fees, interest, and the required statement within a set time frame. |
Conclusion
If you make money, you must pay taxes to the government. When you file your taxes, you must record your income. There are rules in place to make things easier and keep people from cheating on their taxes. Your paycheck may already deduct some taxes, so you only have to pay the remaining balance when you file your return.
This concludes our post on Form 26QB. If you have any questions, please ask in the comments section below.
FAQs
1. How can I pay the tax towards the Form 26QB fee?
Ans: You can pay the tax in Form 26QB on the bank’s and TIN’s websites.
2. You can print Form 26QB from where?
Ans: If you forgot to print Form 26QB, you can find it under ‘E-tax on a subsequent date’ on the TIN’s official website. You must provide the information on the acknowledgment slip to print the form.
3. Is it important to submit the seller's PAN?
Ans: Yes, it is necessary to supply the seller’s PAN details.
4. What are the times for making an online payment?
Ans: To find out the payment times, go to the bank’s website.
5. Is it possible to pay TDS by check or cash at banks?
Ans: To learn more about e-payment, the buyer can visit an authorised bank branch.
