Form 26QB - How To Download & Fill for TDS Payment

When it comes to complying with property transactions in India, Form 26QB payment holds significance. This form is essential for those involved in the sale of immovable property, requiring TDS (Tax Deducted at Source) payment. To facilitate this process, the government has streamlined the procedure by allowing Form 26QB online payments. This online method offers convenience and efficiency for individuals engaging in property transactions. By utilizing the online platform, taxpayers can easily complete their Form 26QB payment, ensuring adherence to tax regulations. Adopting this digital method simplifies payments and ensures compliance with property transaction tax obligations.

is Form 26QB?

Form 26QB is a crucial document in India for those involved in the sale of immovable property. It pertains to TDS (Tax Deducted at Source) on property transactions and is essential for both buyers and sellers. This form facilitates the payment of TDS on property sales exceeding a specified threshold. It's an online platform that simplifies the process, allowing individuals to fulfil their tax obligations seamlessly through Form 26QB payment online.

How to Download Form 26QB from the Income Tax Portal?

Here is a step-by-step guide on how to file Form 26QB online :

Step 1: Access the TIN Protean Website

The process begins by visiting the TIN Protean website. Ensure a stable internet connection and a compatible web browser for a smooth experience.

Step 2: Navigate to "TDS on Sale of Property

Once on the TIN Protean website, locate and click on the "Services" tab. From the dropdown menu, select "TDS on Sale of Property" to proceed.

Step 3: Access Form 26QB Online

On the subsequent page, search for and click on the option labelled "Online form for furnishing TDS on the property (Form 26QB)." This action will redirect you to a new webpage specifically designed for Form 26QB.

Step 4: Fill Out the Form

Complete the Form 26QB diligently. Provide accurate details such as PAN (Permanent Account Number) and communication information for both the buyer and the seller. Additionally, input specific property details along with the amount paid and tax deposit particulars.

Step 5: Submission and Acknowledgement

After filling in all the required information, submit the form. Upon successful submission, a unique acknowledgement number will be generated. Save this number for future reference as it is essential for tracking purposes.

Step 6: Print the Form and Make the Payment

After receiving the acknowledgement, click "Print Form 26QB" and then select "Submit to the bank" to make the required online payment via net banking. You'll be redirected to the payment page to choose your preferred banking facility and complete the transaction.

Step 7: Confirmation of Payment

Upon successful payment, a challan counterfoil will be displayed. This will contain the Challan Identification Number (CIN), payment specifics, and the name of the bank used for the transaction. This confirmation signifies that the payment process has been completed successfully.

Please note that the downloaded Form 26QB is password-protected for security reasons. The password required to access the form is the PAN of the buyer in block letters.

Documents Required to File Form 26Q

Essential documents for Form 26QB include:

• PAN: Buyer and seller PAN cards are vital for precise transactions and TDS reporting to tax authorities.
• Sale Deed: Legal confirmation of property transfer,detailing sale terms, conditions,and property description.
• Challan Details and TDS Deposit: Details about TDS deposit, including challan number, deposit date, and relevant specifics
• Proof of Identity and Proof Address: Proofs like Aadhar, passport,license, and voter ID ensure legal compliance.

Read More: Documents Required

How to Pay TDS through Form 26QB Online?

Here’s a step-by-step process for online payment of TDS on the property and how to generate 26QB certificates:

Step 1: Go to the official website of TIN

Commence the process by visiting the official Tax Information Network's (TIN) website. Locate and click on the 'Services' tab, initiating the journey towards TDS on property form 26 QB.

Step 2: Click on the option e-Payment: Pay Taxes Online

From the dropdown menu that appears, choose the 'e-Payment: Pay Taxes Online' option. This selection is pivotal for proceeding with the 26 QB online payment.

Step 3: Click on TDS on Property (Form 26QB)

Upon redirection to a new page, locate the 'TDS on Property (Form 26QB) option and click 'Proceed' to enter the realm of TDS payment for property transactions or Form 26QB payment online.

Step 4: Fill out the given form within the allotted time (30 minutes)

Fill out the form within 30 minutes. Gather buyer/seller names, PAN, property details, contact information, and tax deposit details beforehand to ensure swift completion of form 26QB payment

Step 5: Enter other details

On subsequent tabs, furnish the complete address details of the transferee, transferor, and the purchased property. Proceed by entering the payment amount in both words and figures alongside the deposited tax amount.

Step 6: Make the payment

Choose the preferred mode of payment on the subsequent page. Opt between 'e-tax payment immediately' or 'e-tax payment on the subsequent date' for the 26 QB offline payment based on your preference. Click 'Proceed' and complete the payment process by remitting the deducted TDS amount.

The bank will present Challan 280, or the 26QB challan, showing the bank name, payment specifics, CIN, and a checkmark on 800. Deductors can view the acknowledgement number for Form 26QB in his/her annual tax statement (Form 26AS).

Implications of Non-filing or Late Filing of Form 26QB

Non-filling of Form 26QB for TDS on property Form 26QB holds distinct repercussions for both buyers and sellers in property transactions.

• Sellers risk losing the opportunity to claim TDS credit if Form 26QB is not filed on time, affecting their tax benefits and financial planning.
• Buyers face penalties, including a daily late filing fee of INR 200 under Section 234E and possible late payment charges and interest under Section 271H as determined by the Assessing Officer for non-filing of Form 26QB, emphasizing the importance of timely submission to avoid financial repercussions.

Section 194IA: A Few Key Things to Know

• Transactions exceeding INR 50 lakh require TDS payments from buyers; sellers are exempt.
• TDS applies per instalment in payment plans, whether deducted upon payment or credited to the seller.
• It covers the total transaction value; e.g., an INR 70 lakh property incurs INR 70,000 (1%) TDS.
• PAN provision by both parties during TDS payment prevents a 20% charge, replacing the standard 1%.
• Buyers must furnish Form 26QB's TDS certificate and Form 16B to the seller post-TDS deduction.
• Since September 1, 2019, property costs include fees like maintenance.
• Section 194IA necessitates TDS for immovable properties, except agricultural land, encompassing commercial/residential properties and land plots.

Conclusion

Form 26QB serves as a pivotal document for TDS payments in property transactions. While the process typically involves online submission via the Tax Information Network (TIN) website, the provision for offline payment via physical forms might offer convenience to certain individuals or situations. In parallel, if you're in the process of acquiring a property, consider exploring the home loan integration offered by SMFG Grihashakti. A home loan can significantly ease the financial burden associated with property transactions, making your dream home more accessible. Apply for a home loan today!