26QB Download Online: How to Fill, Correct and Download Form 26QB
If you are buying or selling a property worth more than Rs.50 lakh, you need to be aware of the tax implications and compliance requirements related to such transactions. One of them is filing Form 26QB, which is an online statement cum challan form for paying tax deducted at source (TDS) on the sale of property. In this article, we will explain everything you need to know about Form 26QB, including how to fill, correct and download it online.
What is Form 26QB?
Form 26QB is a form prescribed by the Income Tax Department for reporting and paying TDS on the sale of immovable property under Section 194-IA of the Income Tax Act, 1961. According to this section, any person who buys a property (other than agricultural land) worth more than Rs.50 lakh from a resident seller has to deduct TDS at the rate of 1% of the sale consideration and deposit it with the government within 30 days from the end of the month in which the deduction was made.
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What is the purpose of Form 26QB?
The purpose of Form 26QB is to ensure that the seller pays capital gains tax on the sale of property and does not evade tax by under-reporting or misreporting the sale value. It also helps the buyer to claim credit for the TDS deducted and deposited on his behalf while filing his income tax return.
Who should file Form 26QB?
Form 26QB should be filed by the buyer or transferee of the property who is responsible for deducting and depositing TDS on the sale of property. The buyer does not need to obtain a Tax Deduction Account Number (TAN) for this purpose, but he must have a Permanent Account Number (PAN). The PAN of both the buyer and seller is mandatory for filing Form 26QB.
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How to download form 16b from form 26qb
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When should Form 26QB be filed?
Form 26QB should be filed within 30 days from the end of the month in which TDS was deducted on the sale of property. For example, if TDS was deducted on 15th March, then Form 26QB should be filed by 30th April. If Form 26QB is not filed within the due date, a late fee of Rs.200 per day will be levied till the date of filing.
How to fill Form 26QB online?
Filling Form 26QB online is a simple and convenient process that can be done online by following these steps:
Step 1: Visit the TIN-NSDL website
Go to the TIN-NSDL website at and click on the Services tab. Then, click on the e-payment option under TDS/TCS.
Step 2: Select the TDS on sale of property option
On the next page, select the option of TDS on sale of property (Form 26QB) under Non-TDS/TCS. Then, click on Proceed.
Step 3: Fill the required details in Form 26QB
On the Form 26QB page, fill in the required details such as PAN of buyer and seller, address of property, date of agreement, sale consideration, TDS amount, etc. You can also select the option of multiple buyers or sellers if applicable. Then, click on Proceed.
Step 4: Confirm and submit Form 26QB
On the next page, verify the details entered in Form 26QB and confirm them by entering the captcha code. Then, click on Submit to bank.
Step 5: Make the payment of TDS online
You will be redirected to the net banking page of your selected bank. Login with your credentials and make the payment of TDS online. After successful payment, you will get a confirmation screen with a challan number and a CIN (Challan Identification Number). You can also download and print the challan for your reference.
How to download Form 26QB online?
After paying TDS online through Form 26QB, you can download Form 16B, which is a certificate of TDS issued by the deductor (buyer) to the deductee (seller). Form 16B can be downloaded online by following these steps:
Step 1: Visit the TRACES website
Go to the TRACES website at and click on Register as New User. Then, select Taxpayer as your user type and register yourself with your PAN, date of birth, email ID, mobile number, etc.
Step 2: Register and login as a taxpayer
After registering, login to your account with your user ID (PAN) and password. Then, go to your profile and update your details such as address, contact number, etc.
Step 3: Select Form 16B (For Buyer) under Downloads menu
On the dashboard, click on Downloads menu and select Form 16B (For Buyer) option. Then, enter the details of the transaction such as assessment year, acknowledgement number (generated after filing Form 26QB), PAN of seller, etc. Then, click on Proceed.
Step 4: Enter the details of the property transaction
On the next page, enter the details of the property transaction such as date of payment/credit, amount paid/credited, TDS amount, etc. Then, click on Submit Request.
Step 5: Submit the request and download Form 16B
You will get a confirmation message with a request number for downloading Form 16B. You can check the status of your request by clicking on Requested Downloads under Downloads menu. Once your request is processed, you can download Form 16B by clicking on Download File. You can also save and print Form 16B for your reference.
How to correct errors in Form 26QB online?
If you have made any errors in filing Form 26QB online, you can correct them online by following these steps:
Types of errors in Form 26QB
The errors in Form 26QB can be classified into four types:
Type of error
Description
Example
Short deduction
TDS deducted is less than the actual amount due to incorrect calculation or data entry.
TDS deducted is Rs.50,000 instead of Rs.60,000 due to wrong sale consideration entered.
Late payment interest
TDS deposited is delayed beyond the due date resulting in interest liability.
TDS deposited on 10th May instead of 30th April resulting in interest @1.5% per month for one month.
Late deduction interest
TDS deducted is delayed beyond the date of payment/credit to the seller resulting in interest liability.
TDS deducted on 20th March instead of 15th March resulting in interest @1% per month for one month.
Interest on short deduction
TDS deducted is less than the actual amount and the shortfall is deposited with interest.
TDS deducted is Rs.50,000 instead of Rs.60,000 and the balance Rs.10,000 is deposited with interest @1% per month for two months.
Process of correction in Form 26QB
The process of correction in Form 26QB depends on the type of error and the mode of correction. There are two modes of correction: online and offline.
Online correction
Online correction can be done for errors related to PAN of buyer or seller, address of property, date of payment/credit, amount paid/credited, TDS amount, etc. Online correction can be done by following these steps:
Visit the TRACES website and login as a taxpayer.
Select Request for Correction under Defaults menu.
Select Form 26QB from the drop-down list and enter the acknowledgement number and PAN of seller.
Click on Proceed and select the type of correction you want to make.
Make the necessary changes in the relevant fields and click on Submit.
You will get a confirmation message with a token number for tracking your request.
You can check the status of your request by clicking on Track Correction Request under Defaults menu.
Once your request is approved, you can download the revised Form 16B from the Downloads menu.
Offline correction
Offline correction can be done for errors related to short deduction, late payment interest, late deduction interest, interest on short deduction, etc. Offline correction can be done by following these steps:
Visit the TIN-NSDL website and click on Services tab.
Select Online Correction under TDS/TCS option.
Select Form 26QB from the drop-down list and enter the acknowledgement number and PAN of seller.
Click on Proceed and select Offline Correction option.
Download the Justification Report from the Downloads menu and fill it with the correct details.
Upload the Justification Report along with supporting documents such as bank statement, sale deed, etc. on the TIN-NSDL website.
You will get a confirmation message with a token number for tracking your request.
You can check the status of your request by clicking on Track Correction Status under TDS/TCS option.
Once your request is approved, you can download the revised Form 16B from the Downloads menu.
Conclusion
Form 26QB is an important form for paying TDS on the sale of property worth more than Rs.50 lakh. It can be filled, corrected and downloaded online by following the steps mentioned above. By filing Form 26QB correctly and timely, you can avoid penalties and interest charges and also claim credit for the TDS paid while filing your income tax return. If you have any doubts or queries regarding Form 26QB, you can contact us at info@bing.com or call us at 1800-123-4567. We are happy to help you with your tax matters.
Frequently Asked Questions (FAQs)
Here are some common questions and answers related to Form 26QB:
What if I have paid excess TDS through Form 26QB?
If you have paid excess TDS through Form 26QB, you can claim a refund of the excess amount while filing your income tax return. Alternatively, you can also adjust it against your future tax liability.
What if I have paid TDS through Form 26QB but not filed my income tax return?
If you have paid TDS through Form 26QB but not filed your income tax return, you will not be able to claim credit for the TDS paid. You should file your income tax return before the due date and report the TDS details in it to claim credit for it.
What if I have filed Form 26QB but not paid TDS?
If you have filed Form 26QB but not paid TDS, you will be liable to pay interest and penalty for the delay. You should pay the TDS as soon as possible and download the revised Form 16B from the TRACES website.
What if I have paid TDS through Form 26QB but the seller has not received Form 16B?
If you have paid TDS through Form 26QB but the seller has not received Form 16B, you should check the status of your request for downloading Form 16B on the TRACES website. If your request is processed, you can download Form 16B and share it with the seller. If your request is pending, you can contact the TRACES helpline at 1800-103-0344 or write to contactus@tdscpc.gov.in for assistance.
What if I have paid TDS through Form 26QB but the seller has not reported it in his income tax return?
If you have paid TDS through Form 26QB but the seller has not reported it in his income tax return, you are not liable for any consequences. The seller is responsible for reporting the TDS details in his income tax return and paying the applicable tax on the capital gains arising from the sale of property.
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