Procedure for online correction of Form 26QB for TDS on Property

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Form 26QB is a consolidated form which is required to be filed for the deposit of TDS on Property. This form is required to be filed within 30 days from the end of the month in which the Payment for the purchase of property has been made.

Earlier there was no provision for revising Form 26QB filed for TDS on Property. However with effect from AY 2014-15, the govt has now allowed the Form 26QB to be revised. Moreover, with effect from 29th Feb 2016, the facility for online revision of Form 26QB has also been enabled.

How to file for Form 26QB Correction?

  1. Login on the TRACES Website as a taxpayer
  2. Select option “Online Correction” under “26QB” tab to initiate correction request
  3. Update the details which are required to be revised
  4. Select the option to verify the request either through Netbanking/ Digital Signature/AO Approval
  5. The form would be revised post verification

The request for revision can only be filed by the buyer and not by the seller.

How to verify Revision of Form 26QB for TDS on Property

If the seller is known, the request for Correction of Form 26QB can be submitted for e-verification through Net Banking/ AO Approval/ Digital Signature.

If the Digital Signature is not registered for the Buyer and the seller is not traceable, the correction request can be submitted through AO Approval option.

If the Digital Signature is not registered for the buyer and the seller is known, the correction request can be submitted for e-verification through Netbanking or for AO Approval.

In case the request is sent to the AO for Approval, the Jurisdictional AO would be decided based on the jurisdiction of the Buyer. (Recommended Read: Locate your AO Code Online)

Fields which can be revised in Form 26QB for TDS on Property

S. No. Field which can be changed With Digital Signature Without Digital Signature
1 Buyer’s PAN
(When Buyer’s PAN AAAPA1111A is to be changed to BBBPB1111B
Once the request is raised by the buyer (AAAPA1111A) with Digital Signature, the same would be pushed to the seller and the new Buyer (BBBPB1111B). As soon as both of them approve, the PAN will be updated. Once request is raised by Buyer without digital signature (AAAPA1111A) the same will be pushed to Seller and the new Buyer (BBBPB1111B) for approval. As soon as both of them approve the correction, by logging into TRACES, the ticket will be sent to TDS AO for physical verification of the facts and the genuineness of the buyer. TDS AO, if satisfied, can then approve the same from his inbox
2 Seller’s PAN (When Seller’s PAN is to be updated from CCCPC1111C to DDDPD1111D) Once request is raised by Buyer with digital signature the same will be pushed to the existing Seller (CCCPC1111Cfor approval. As soon as he/she approves the same, the PAN will be updated. Once request is raised by Buyer without digital signature, the same will be pushed to the existing Seller (CCCPC1111Cfor approval. As soon as he/she approves the same, the request will be sent to TDS AO for physical verification of the facts and the genuineness of the buyer and the seller. TDS AO, if satisfied, can then approve the same.
3 Buyer’s Address Auto Approval Auto Approval
4 Seller’s Address Auto Approval Auto Approval
5 Property Details (Including Property Value)

 

Auto Approval Auto Approval
6 Amount Paid/Credited -Amount Payable to the Transferor/Seller Auto Approval Once request is raised by Buyer without digital signature, the same will be sent to TDS AO for verification of the amount and the genuineness of the buyer. TDS AO, if satisfied, can then approve the same from his inbox.
7 Date of Payment to the Seller Auto Approval Once request is raised by Buyer without digital signature, the same will be sent to TDS AO for verification of the date and the genuineness of the buyer. TDS AO, if satisfied, can then approve the same from his inbox.
8 Date of Tax Deduction Auto Approval Once request is raised by Buyer without digital signature, the same will be sent to TDS AO for verification of the date and the genuineness of the buyer. TDS AO, if satisfied, can then approve the same from his inbox.

In all cases where the approval of the AO is required, the buyer would be required to approach the AO with the hard copy of the correction request. The buyer should carry his identity proof & PAN Card along with the documents related to purchase of property and proofs of payment made, for verification by the AO.

Status of Form 26QB Correction

The status of revision of Form 26QB for TDS on Property would change at various stages of revision. The meaning of the status is mentioned below:-

  • Available: Once the Request for Correction is available, the correction status would be “available”
  • Pending for AO Approval: Once the Correction is submitted and validated, correction would be displayed with status as “Pending for AO Approval”
  • Pending for PAN Approval: Status will be pending for PAN approval if correction is submitted for 2nd party’s approval.
  • Submitted to ITD: Status will be submitted to ITD if the request is approved by AO or the 2nd
  • Processed: Status will be processed if the request gets processed by TDS CPC.
  • Cancelled: Status would be displayed as cancelled if the request is cancelled by the buyer before approval/processing.

Other Relevant Points

  1. This option is only for Resident buyers and not for Non Resident Buyers.
  2. After the Form 26QB has been revised, the buyer would be required to issue a new Form 16B to the seller.

Karan is CA by Qualification with the rare distinction of being awarded All India Rank 22. He is also the founder of this website and loves to help people with their Tax Queries.