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Form 26QB: An Online Challan for TDS Payment on Property Sale/Purchase

The real estate industry in India is often in the news due to significant financial scams. It is due to the absence of a proper and standardised system that helps manage the money during the transfer of immovable property. The form 26qb is a return-cum-challan form with which the buyer has to deduct TDS as mentioned under Section 1941A of the Income Tax Act, 1961. Tax gets cut off at the source itself, thus minimising corruption. Read on to know more.

26qb download online

Following that, you can visit the TRACES website and register on TRACES as a Taxpayer by simply providing the PAN number and challan number (Form 280 or the Form 26QB challan). Then, get your Form 16B and download it. Remember, this Form is to be mandatorily issued to the seller of the property.

As mandated, the buyer or the deductor is responsible for submitting form 26QB. The buyer must make Form 26qb payment online within 30 days of the month ending in which TDS has been deducted. After the TDS deposit, the buyer must also issue a TDS certificate to the seller within 15 days of the property transaction.

This is how a form 26qb challan or Form 280 looks like. Note that the buyer should have a copy of this during the transaction of the property.Read: TDS on Sale of Property in 2023: A Detailed Guide

To download 26QB, one needs to have following details:- PAN of Buyer & Seller, Acknowledgement no. of 26QB.To download 26QB, visit, here click onto Services tab and in it select TDS on the sale of property.,On clicking onto this, a new page will open which ask for certaindetails and submission of such details 26QB will be made available.

Deductor will provide Form 16B to the payee in 15 days from the last date for filing Form 26QB and Form 16B could be made and downloaded from TRACES- TDS reconciliation and analysis correction enabling system. For example, through the exact example, as mentioned for the last date for Form 26QB, Form 16B would be provided on the date 14th June.

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