TDS payment on property and how to obtain form 16B and 26QB
With the advent of new section 194(IA), TDS @ 1% is attracted on the purchase of property having value Rs.50 lakh or above which is to be deducted from the purchase price by the buyer.
There are two ways of making payments of TDS and obtaining Form 16B for the deductor/buyer and Form 26QB for the seller/deductee. First one is to pay via net banking/credit card/debit card and second one is to generate an online receipt and pay within 10 days via authorized bank.
Payment of TDS on sale of property
1. Click on the link https://onlineservices.tin.egov-nsdl.com/etaxnew/tdsnontds.jsp
2. Click on Form 26QB for Payment of TDS on sale of property.
3. Select (0021) in case of non corporate payer and 0020 in case of corporate payer from the drop down menu.
4. Fill all the required details in the Form and click on “Proceed” at the bottom of the page.
5. Now you have to select the bank for payment. Once you select the bank, pay the TDS amount through net banking by using your username and password.
6. As soon as the payment is made, print challan 280 with a tick on (800), which is payment of TDS on sale of property.
7. Take a printout of the challan and keep the same for your records and for the builder/seller if required.
In case you don’t have net banking or online banking registration, there is also alternative mode payment.
1. Just fill the Form 26QB as above and click on the “Proceed”.
2. Now instead selecting bank, select option of “Subsequent payment through bank”
3. This option allows you to generate online receipt for Form 26QB with Acknowledge number.
4. The same is to be carried at the authorized bank (click here to see the list of authorized banks) with cheque.
Remember: This Receipt is valid only for 10 days from the date of generation online.
5. Bank will do online payment for you & generate Challan.
Generation of Form 16B:
Once the payment is done, you will have to wait for seven days for the details to be shown on TRACES web site https://www.tdscpc.gov.in/.
If you are a first time user, you will have to register on the TRACES website as Tax Payer with your PAN card no. and Challan no as generated while payment (no need to have TAN).
Once the registration process is over you will be able to see the Form 26QB or Form 16B which is reflected against your PAN in you Form 26AS.
Check Form 26AS after seven days and you will notice that the payment you had done against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the name of deductee, PAN of deductee, TDS certificate number (generated by TRACES), acknowledgement number (same as above on Form 26QB), transaction date, total transaction amount, TDS deposited, date of deposit, date of booking and status of booking.
Now to download or print Form 16B, simply login to the TRACES and submit a request application under “Download” tab by filling the acknowledgment number (nine digit number) and other required details as asked which is reflected on Form 26AS Part F as mentioned above. This will generate an application request number.
Within few hours, the application gets processed and you will be able to view your Form 16B as Available under the “Download” tab by putting your application request number.
You can download the form for your record. The form is in PDF format but will be downloaded in .Zip format which has to be unzipped using Date of birth (DDMMYYYY) of Deductor as password.
The similar process can be followed by the seller to download or print Form 26QB.
For more details, you may also visit the Tax Information Network site.