Income Tax Dept enables Option to Download Statement for Form 26QB Payments
The Income Tax Department has recently enabled the option to download statements of Form 26QB Payments in the Income Tax Portal. The Finance Act of 2013 introduced section 194IA applicable w.e.f. 01.06.2013, wherein TDS is applicable on sale of immovable property where the sale consideration of the property is equal to or exceeds Rs. 50,00,000/- (Rupees Fifty Lakh). TDS should be...
The Income Tax Department has recently enabled the option to download statements of Form 26QB Payments in the Income Tax Portal.
The Finance Act of 2013 introduced section 194IA applicable w.e.f. 01.06.2013, wherein TDS is applicable on sale of immovable property where the sale consideration of the property is equal to or exceeds Rs. 50,00,000/- (Rupees Fifty Lakh).
TDS should be deducted at 1% by the purchaser/buyer of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the central government account through any of the authorized bank branches. However, provisions of section 203A will not be applicable in the above case.
All details regarding the transaction related to TDS on Property are required to be furnished in Form 26QB and this Form 26QB is required to be submitted at the time of payment.
After depositing the TDS, the buyer/Deductor of the property would also be required to issue Form 16B to the Seller of the property in respect of the TDS deducted and deposited in the central government account.
Steps to fill form 26QB :
Go to TIN Protean (formerly NSDL eGov) website​ ( https://www.protean-tinpan.com/ ).​
Under 'TDS on sale of property', click on "Online form for furnishing TDS on property (Form 26QB)"
Select the applicable challan as "TDS on Sale of Property".
Fill the complete form as applicable.
User should be ready with the following information while filling the form 26QB :
PAN of the seller & buyer
Communication details of seller & buyer
Property details
Amount paid/credited & tax deposit details
Submit the duly filled form to proceed. ​A confirmation screen appears.
After confirming, a screen appears showing two buttons as "Print Form 26QB" and "Submit to the bank".
A unique acknowledgement number is also displayed on the screen. It is advisable to save this acknowledgment number for future use.
Click on "Print Form 26QB" to print the form. Then click on "Submit to the bank" to make the required payment online through internet banking. Then proceed to the payment page through the internet banking facility of various banks.
For list of authorized banks, please refer to : – https://onlineservices.tin.egov-nsdl.com/etaxnew/Authorizedbanks.html
On successful payment a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment​ being made.
Proceed to the TRACES portal(www.tdscpc.gov.in) after 5 days to download Form 16B.
II. Steps to Download Form 16B:
Register & login on TRACES portal ( www.tdscpc.gov.in) as taxpayer using your PAN.
Select "Form 16B (For Buyer)" under the "Downloads" menu.
Enter the details pertaining to the property transaction for which Form 16B is to be requested.
Enter the Assessment Year, Acknowledgment Number, PAN of Seller and click on "Proceed".
A confirmation screen will appear. Click on "Submit Request" to proceed.
A success message on submission of download request will appear. Please note the request number to search for the download request.
Click on "Requested Downloads" to download the requested files.
Search for the request with the request number. Select the request row and click on the "HTTP download" button.
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