What is the 26QB form?
The Finance Bill of 2013 stipulates that TDS is applicable to sales of real estate if the purchase price is Rs. 50,000 or above. According to Section 194 IA of the Income Tax Act of 1961, starting on June 1, 2013, the buyer must deduct tax at a rate of 1% when making a property payment. The buyer must get Form 26QB, whereas the seller must obtain Form 16B in order to pay TDS.
Points to Bear in Mind: Property Seller
Your PAN must be submitted to the purchaser so that information in regards to the TDS can be furnished to the Income Tax Department.
The online form needs the PANs for both the buyer and the vendor.
When quoting PAN information, there must be no mistakes. You must get in touch with the Income Tax Department if anything changes.
When and how much TDS on the property sale is required?
If the property’s stamp duty value exceeds the sale price, TDS must be subtracted from that amount. For instance, under the new amendment, TDS of 1% will be calculated and deducted on a total of 65 Lacs, i.e. 65,000/-, and Mr. B will be paid 59.35 Lacs if he purchased a property from Mr. S for a price of 60 Lacs although the stamp duty value of such property is 65 Lacs.
How to Fill Out Form 26QB
Select “Services” and then “epayment: Pay Tax Online.”
Under “TDS on Property (Form 26QB),” select “Proceed.”
Fill out the form with the necessary information. Make sure you have the following
Information on the buyer and seller’s PAN.
Information about buyer and seller communications
Specifics of the tax deposit.
Amount that has been paid or credited.
Send the form in.
There will be a confirmation screen. Following completion, the screen will have the options to “Print Form 26QB” and “Submit to the bank.” Additionally, a distinct acknowledgement number will be shown. Note down the number.
Then select “Print Form 26QB.”
Then, select “Submit to the bank.”
The payment must then be made through internet banking.
The payment must then be made through internet banking. You will be taken to the bank’s payment page.
A challan with the bank name, payment information, and CIN will be displayed once the payment has been made. The challan is regarded as payment documentation.
List of Authorised banks
The following is a list of authorised banks where online tax payments can be made:
Bank of India, United
Indian Union Bank
Bank of India State
National Bank of Punjab
Bank of Punjab and Sind
Bank of Jammu & Kashmir
Overseas Indian Bank
Bank of India
India Central Bank
FAQs for Form 26QB
How do I pay the tax portion of the Form 26QB fee?
On both the TIN website and the bank website, you can submit the tax payment on Form 26QB.
Where can I get Form 26QB to print?
On the official TIN website, you can discover the option under “E-tax on Subsequent Date” if you neglected to print Form 26QB. To print the form, you must enter the information requested on the acknowledgement slip.
Is it feasible to pay TDS at banks with checks or cash?
To learn more about the e-payment, the customer can go to a bank branch that has been authorised.
What are the hours for making an online payment?
To find out when to make the payment, go to the bank’s website.
Is it necessary to submit the seller’s PAN information?
Yes, it is necessary to supply the seller’s PAN information.