Property purchased ! worried about TDS, Let’s understand what We should do:

A. When and How much TDS should we deduct???

ANSWER:

TDS deduction on transfer of certain immovable property other than agricultural land.

Any buyer, responsible for paying, to a resident seller, any sum by way of consideration for transfer/sale of any immovable property (other than agricultural land), shall, at the time of credit of such sum to the account of the transferor (Seller) or at the time of payment of such sum in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to one per cent of such sum as TDS thereon, where the consideration for the transfer of an immovable property is more than fifty lakh rupees.

 

B. When and How much TDS should we deduct???

ANSWER:

STEPS TO BE FOLLOW FOR DEDUCTION OF TDS

Visit to TIN NSDL website​ ( www.tin-nsdl.com ), the following window will be display: ​

 

Click on Service tab and search for “TDS on Sale of Property”, the following window will be display:

 

Click on “TDS on Sale of Property”, the following window will be open:

 

Under ‘TDS on sale of property’, click on “Online form for furnishing TDS on property (Form 26QB)”, the following window will be display:

 

 

Select the Form 26QC “Payment of TDS on Rent of Property” form as given will be open:

Fill the complete form as applicable, the main part of the information will be asked as given below:

  •      PAN of the seller & buyer
  •      Communication details of seller & buyer (Address, Phone No., Email ID etc.)
  •      Property details (Property type, address, consideration, date of credit/payment etc.)
  •      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 internet banking facility of various banks. For list of authorized banks are as under:

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.

 

Steps to Download TDS Certificate Form 16B:

  • Register & login on TRACES portal ( www.tdscpc.gov.in) as taxpayer using your PAN (At least After 5 days of making TDS Payment):

  • Select “Form 16B (For Buyer)” under “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 request number. Select the request row and click on “HTTP download” button. ​​​​​

 

For further clarification write Email on pjainpca@gmail.com

9250662051

(CA. Pardeep Jain)

Author: adminskill

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