Filing of Form 26QB – Eligibility, Procedures and Requirements

• Taxation
• ||
• August 4, 2020

What is Form 26QB?
Form 26QB is a Challan cum Declaration statement to be filed after successful deduction of TDS u/s 194IA to pay it to government. It is available on the TIN-NSDL website.

Who can file form 26QB?
Every person who has deducted TDS under Section- 194IA being a buyer purchasing the Immovable property (not being a property referred to in sec 194LA) from the resident transferor is liable to file form 26QB for the payment and declaration of the TDS deducted.

Time limit to file form
Transferee is required to file the form within 30 days from the end of the month in which the consideration for immovable property has been paid to seller/ credit in the account of transferor.

Procedure to file form 26QB

Step 1: Visit TIN-NSDL website and open the form 26QB.

Step 2: There will be 4 tabs in the form as mentioned below:

1. Taxpayer Info
2. Address
3. Property details
4. Payment Info   

Step 3: Select Tax applicable as per your status. Fill all the necessary details required to be filled in the fields such as PAN of Transferor/Transferee, Name and status of parties, Address of property sold, etc.

Step 4: After filling all the details required submit the form to proceed. A confirmation screen will appear With two buttons as “Print Form 26QB” and “Submit to the bank”. An unique acknowledgement number is also displayed on the screen. It is advisable to save this acknowledgment number for future use.

Step 5: Pay the requisite Challan amount Online through Net banking. On successful payment a Challan will be generated containing the proof of payment made.

Late Fee and Interest for late filing of 26QB
If the buyer fails to furnish the Form 26QB within the due date then he will be required to pay a late fee of Rs. 200 per day until the failure continues. He will be required to pay interest at the rate of 1% or 1.5% as per the normal TDS provisions from the date of TDS deduction to the actual date of payment in the government account.

Penalty for failure to furnish TDS Return

• Assessing officer may direct a person who fails to file the statement of TDS within due date to pay penalty minimum of Rs.10,000 which may be extended to Rs.1,00,000.
• Apart from penalty and interest, defaulters can also face imprisonment for a term which shall not be less than 3 months but may extend to 7 years along with fine.
• For delay in issuing Form 16B, the penalty is Rs 100 per day.

Furnishing of TDS Certificate
After Successful filing of form 26QB, the Deductor/Buyer is required to furnish TDS Certificate in the Form 16B from TRACES in within 15 days from the date of filing of form 26QB.

Steps to download Form 16B from TRACES

• Register & login on TRACES portal (https://www.tdscpc.gov.in/) as taxpayer using your PAN.
• Select “Form 16B (For Buyer)” from the “Downloads” menu.
• Enter the details related to the property transaction for which Form 16B is to be requested. Enter the Assessment Year, Acknowledgment Number, PAN of Seller and then click on “Proceed”.
• A confirmation screen will appear. Click on “Submit Request” to proceed.
• A success message on submission of download request will flash. 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 then click on “HTTP Download” button. ​

Here at AJSH we do assist our clients, filing form 26QB and various other TDS compliances. If you have any questions or want to know more about the Form 26QB or TDS compliances, please click here.