TDS on Sale or Buy of Property And How to Obtain Form 16B or 26QB
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Lets take a look about TDS payment process and the steps to be taken to obtain Form 16B ( For the
deductor or buyer) and Form 26QB for the (seller or deductee).
deductor or buyer) and Form 26QB for the (seller or deductee).
Now do the following steps :-
- 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.
- Fill the Total Payable Amount and Make payment of TDS on sale of property by confirm the payment process.
- Take a printout of the Challan and keep the same for your records and for the Builder/Seller if required.
This is the first phase of the process you have done. Now you have to wait for SEVEN DAYS for the details to be reflected on TRACES web site. As a first time user, you will have to REGISTER with your PAN Details 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 you PAN in your Form 26AS.
Check Form 26AS 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 26AS under "Details of Tax Deducted at Source on Sale of Immovable Property u/s 194(IA) (for Buyer of property)". This will give you details such as the TDS Certificate Number; Total Transaction Amount, Transcation Date, TDS Deposited Amount, 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 again.
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 in Part F as mentioned above. Once this 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 you 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.
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