Form 26QB is available on the TIN website and is used to furnish information in regards to TDS on property. The deductions come under Section 194-IA of the Income Tax Act. The last date for the payment of TDS is thirty days from the date the immovable property was transferred.
Points to Remember: Seller of the Property
- Your PAN must be provided to the purchaser so that information in regards to the TDS can be furnished to the Income Tax Department.
- The taxes that have deducted must be verified in Form 26AS by the purchaser.
Points to Remember: Purchaser of the Property
- Tax at 1% must be deducted from the sale consideration.
- The PAN of the seller must be collected and verified.
- The purchaser’s and seller’s PAN must be provided in the online form.
- No errors must be made when quoting PAN details. In case of any changes, you must contact the Income Tax Department.
Process to Fill Form 26QB
- Visit https://www.tin-nsdl.com/.
- Click on Services - ‘epayment: Pay Tax Online’
- Click on ‘Proceed’ under ‘TDS on Property (Form 26QB)’.
- Fill the form by providing the relevant details. Ensure that you have the below
- PAN details of the buyer and seller.
- Property details.
- Communication details of the buyer and seller.
- Tax deposit details.
- Amount that has been credited/paid.
List of Authorised Banks
The list of authorised banks from where the online tax payment can be completed is mentioned below:
- United Bank of India
- Union Bank of India
- Bank of Baroda
- UCO Bank
- Canara Bank
- State Bank of India
- Punjab National Bank
- Punjab and Sind Bank
- Jammu and Kashmir Bank
- Indian Overseas Bank
- Indian Bank
- IDBI Bank
- ICICI Bank
- HDFC Bank
- Corporation Bank
- Central Bank of India
- Bank of Maharashtra
- Bank of India
Form 26QB FAQs
- How can I make the tax payment towards the fee in Form 26QB?
You can make the tax payment in Form 26QB on the bank’s site and the TIN website.
- From where can I print Form 26QB?
In case you have forgotten to print Form 26QB, you will find the option under ‘E-tax on subsequent date’ on the official website of TIN. You will need to provide the details available on the acknowledgement slip in order to print the form.
- Is it possible to make cheque/cash payments for TDS at banks?
The buyer can approach an authorised bank branch to get details about the e-payment.
- What are the timings to make the payment via the internet?
You can visit the bank’s website to find out the timings to make the payment.
- Is it mandatory to provide the PAN details of the seller?
Yes, it is mandatory to provide the PAN details of the seller.