PRACTICAL GUIDE ON PAYMENT OF TDS ON PURCHASE OF PROPERTY AND OBTAINING FORM 16B, 26QB
I would like to run the readers
through the TDS payment process and the steps to be taken to obtain Form 16B
(for the deductor) and Form 26QB for the (deductee).
Firstly one has to go to the
following link:
·
Once this link is opened click on Form 26QB
(Payment of TDS on sale of property).
·
Select (0021) in case of non corporate payer and
0020 in case of corporate payer.
·
On filling in the various details called for in
that form, click on ‘Proceed’ at the bottom of the page, this will then take
you to the next page which will give you the option to select your bank.
·
Once you select the bank, then login using the
normal online process for your bank.
·
Once the payment is made the bank will let you
print challan 280 with a tick on (800) which is payment of TDS on sale of
property.
·
Take a printout of the challan and keep the same
for your records and for the builder/seller if required.
The above is the first phase of
the process. Once the above is completed one has to wait for seven days for the
details to be reflected on TRACES web site - https://www.tdscpc.gov.in/. As a first
time user you will have to register on this website. Once you register whether
as seller or buyer, you will be able to obtain the Form 16B or 26QB which has
been approved and is reflected against your PAN in your Form 26AS.
Check Form 26 AS after seven days
and you will notice that the payment you had effected against TDS on sale of
property is reflected in Part F of the Form 26 AS under ‘Details of Tax
Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of
Property]. This will give you details such as the TDS certificate number
(generated by TRACES), name of Deductee, PAN of Deductee, Acknowledgement
Number, Total Transaction Amount, Transaction date, TDS Deposited, Date of
Deposit, Status of Booking and Date of Booking.
Once the payment is reflected in
26AS as above, you will have to go to the TRACES website link which is given
above. Login to the website, and click on ‘Downloads’ tab. In the dropdown menu
click on ‘requested downloads’. If no application has been made you will be
asked to make a request for download, here fill in the acknowledgment number (nine
digit number) which is reflected on Form 26AS Part F as mentioned above. Once
this is done, you will be able to view the status of your application which
generates an application request number.
Within a couple of hours the
application gets processed and you will be able to view your Form 16B by
putting in the request number which you have obtained. You can take a printout
of the same for your records as well as for handing over to the seller of the
property. A similar process has to be followed by the seller to obtain form
26QB.
The entire process is system
driven and works very smoothly.
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TDS Return Form