Form 26QB TDS filing
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File Form 26QB for TDS deduction on sale of property with the assitance of experienced professional for income tax.
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What is form 26 QB ?
Form 26 QB is statement of tax deduction at source U/s 194-IA when a property is sold by the person resident in India, TDS should be deucted at the rate of 1 % of payment made to seller.
When should be TDS deducted by the seller ?
TDS should be deducted at the time of payment of each installment, or lumpsum at the rate of 1 % on the amount of payment made to the seller. Educational cess or surcharge is not applicable and it is irrelelvant whether the seller has tax liability on sale of the proeprty of not.
How to avoid TDS deduction and filing form 26 QB ?
Certificate of lower deduction or non deduction of TDS can be applied with the income tax department wiht all the relevant particulars such as computaion of tax liability etc. The certificate of NON deduction or lower deduction shall be applied by the seller from his/her income tax login.
How to make payment of TDS ?
Once the FROM-26QB is filled, payment of TDS has to be paid in income tax portal through net banking, rtgs, neft, debit card.
Do we need to apply TAN number for deduction of TDS ?
Applicaiton for TAN number is not required, for deduction of TDS on sale of property to a person who is resident and citizen of India, all the porcess to be done through income tax login of the buyer.
Form 26QB TDS deductionFAQ's
Filing of TDS returns for form 26QB payment U/s 194-IA is not required, once the payment is made all compliances are over under income tax Act, procedural aspects like issue of Form 16B only applies, that too in most cases the seller does not need the same because once the payment is made it will reflect in seller FORM-26AS in income tax login.
Form 26 QB is required to be filled for each seller and buyer if there is more than one co-owners, the limit of RS.50 lakhs is applicable based on the value of property transfered, therefore if total consideration is Rs.50 lakhs TDS needs to be deducted even if their share in the sale consideration is less than Rs.50 lakhs.
Form 26QB should be filed with in 30 days from end on the month in which th decution of TDS is made, for examaple if TDS is deducted on payment made on 24 th day of April 2024 then TDS hsould be deducted on or before 30 th of May month.
Yes payment of TDS can be made form other person net banking account in case the buyer does not have net banking, we suggest you to make payment from your netbanking account or NEFT or RTGS at bank.
In case the seller is NRI TDS should not be deducted U/s 194-IA and form 26QB should not be filed, instead regualr TDS provisions are applciable and TDS rates starts from 20 %. It is recommended to approach your auditor for TDS filing for deduction of TDS on sale of property.
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