Process for on-line correction of Kind 26QB for TDS on Property

Kind 26QB is a consolidated type which is required to be filed for the deposit of TDS on Property. This way is required to be filed inside 30 days from the tip of the month during which the Fee for the acquisition of property has been made.

Earlier there was no provision for revising Kind 26QB filed for TDS on Property. Nevertheless with impact from AY 2014-15, the government has now allowed the Kind 26QB to be revised. Furthermore, with impact from 29th Feb 2016, the power for on-line revision of Kind 26QB has additionally been enabled.

The way to file for Kind 26QB Correction?

  1. Login on the TRACES Web site as a taxpayer
  2. Choose possibility “On-line Correction” below “26QB” tab to provoke correction request
  3. Replace the main points that are required to be revised
  4. Choose the choice to confirm the request both by Netbanking/ Digital Signature/AO Approval
  5. The shape can be revised submit verification

The request for revision can solely be filed by the customer and never by the vendor.The way to confirm Revision of Kind 26QB for TDS on Property

 

 

If the vendor is understood, the request for Correction of Kind 26QB may be submitted for e-verification by Web Banking/ AO Approval/ Digital Signature.

If the Digital Signature shouldn’t be registered for the Purchaser and the vendor shouldn’t be traceable, the correction request may be submitted by AO Approval possibility.

If the Digital Signature shouldn’t be registered for the customer and the vendor is understood, the correction request may be submitted for e-verification by Netbanking or for AO Approval.

In case the request is shipped to the AO for Approval, the Jurisdictional AO can be determined based mostly on the jurisdiction of the Purchaser. (Advisable Learn: Find your AO Code On-line)

Fields which may be revised in Kind 26QB for TDS on Property

S. No. Subject which may be modified With Digital Signature With out Digital Signature
1 Purchaser’s PAN
(When Purchaser’s PAN AAAPA1111A is to be modified to BBBPB1111B
As soon as the request is raised by the customer (AAAPA1111A) with Digital Signature, the identical can be pushed to the vendor and the brand new Purchaser (BBBPB1111B). As quickly as each of them approve, the PAN can be up to date. As soon as request is raised by Purchaser with out digital signature (AAAPA1111A) the identical can be pushed to Vendor and the brand new Purchaser (BBBPB1111B) for approval. As quickly as each of them approve the correction, by logging into TRACES, the ticket can be despatched to TDS AO for bodily verification of the info and the genuineness of the customer. TDS AO, if glad, can then approve the identical from his inbox
2 Vendor’s PAN (When Vendor’s PAN is to be up to date from CCCPC1111C to DDDPD1111D) As soon as request is raised by Purchaser with digital signature the identical can be pushed to the present Vendor (CCCPC1111Cfor approval. As quickly as he/she approves the identical, the PAN can be up to date. As soon as request is raised by Purchaser with out digital signature, the identical can be pushed to the present Vendor (CCCPC1111Cfor approval. As quickly as he/she approves the identical, the request can be despatched to TDS AO for bodily verification of the info and the genuineness of the customer and the vendor. TDS AO, if glad, can then approve the identical.
3 Purchaser’s Deal with Auto Approval Auto Approval
4 Vendor’s Deal with Auto Approval Auto Approval
5 Property Particulars (Together with Property Worth) 

 

Auto Approval Auto Approval
6 Quantity Paid/Credited -Quantity Payable to the Transferor/Vendor Auto Approval As soon as request is raised by Purchaser with out digital signature, the identical can be despatched to TDS AO for verification of the quantity and the genuineness of the customer. TDS AO, if glad, can then approve the identical from his inbox.
7 Date of Fee to the Vendor Auto Approval As soon as request is raised by Purchaser with out digital signature, the identical can be despatched to TDS AO for verification of the date and the genuineness of the customer. TDS AO, if glad, can then approve the identical from his inbox.
8 Date of Tax Deduction Auto Approval As soon as request is raised by Purchaser with out digital signature, the identical can be despatched to TDS AO for verification of the date and the genuineness of the customer. TDS AO, if glad, can then approve the identical from his inbox.

In all instances the place the approval of the AO is required, the customer can be required to method the AO with the laborious copy of the correction request. The customer ought to carry his identification proof & PAN Card together with the paperwork associated to buy of property and proofs of fee made, for verification by the AO.

 

 

Standing of Kind 26QB Correction

The standing of revision of Kind 26QB for TDS on Property would change at varied phases of revision. The which means of the standing is talked about under:-

  • Obtainable: As soon as the Request for Correction is out there, the correction standing can be “obtainable”
  • Pending for AO Approval: As soon as the Correction is submitted and validated, correction can be displayed with standing as “Pending for AO Approval”
  • Pending for PAN Approval: Standing can be pending for PAN approval if correction is submitted for twond celebration’s approval.
  • Submitted to ITD: Standing can be submitted to ITD if the request is accredited by AO or the twond
  • Processed: Standing can be processed if the request will get processed by TDS CPC.
  • Cancelled: Standing can be displayed as cancelled if the request is cancelled by the customer earlier than approval/processing.

Different Related Factors

  1. This selection is just for Resident patrons and never for Non Resident Patrons.
  2. After the Kind 26QB has been revised, the customer can be required to situation a brand new Kind 16B to the vendor.

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