How do I approve 26QB correction?

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.

What is the 26QB?

Form 26QB is a return-cum-challan form for the payment of Tax Deducted at Source (TDS) to the government for deductions made under Section 194-IA of the Income Tax Act, 1961.

Can I cancel 26QB?

NRI Taxpayer can apply for 26QB refund from Assessment Year 2014-15 onwards. It is mandatory to validate the details by digital signature on TRACES to submit the Refund Request. Maximum refund amount will be the available challan balance. Sum of maximum refund amount should be greater than Rs.

What is the due date for filing 26QB?

within 30 days
The TDS on the immovable property has to be paid using Form 26QB within 30 days from the end of the month in which TDS was deducted.

How can I make changes in 26QB?

Step 1: Login to TRACES website with your “User ID”, “Password” and the “Verification Code”. Landing page will be displayed on Screen. Step 2: Select option “ Request for Correction” under “Statements/ Forms” tab to initiate correction request. 26QB checklist will display on next screen.

How do I pay interest on 26QB?

If it was a default in TDS on sale of property then you need to pay interest using challan cum return form 26QB as you might have deducted TDS using PAN. Fill Challan 281 for interest. In that case, there’s a separate link. Yes, you need to pay default demand of TDS using form 26QB.

Who should file 26QB?

As per the information received in Annual Information return (AIR) through Registrar/Sub-registrar, you have executed transaction for Purchase of Immovable Property exceeding Rs. 50 Lakhs (Rupees Fifty Lakhs) during Financial Year.

What is 26QB fee?

In case of default of non-filing or late filing of Form 26QB, a penal fee is applicable under section 234E of the income tax act. Rs. 200 has to be paid for every day during which such failure continues. The buyer would also be liable for defaults of late Deduction, late payment, and interest thereon.

What is 26QB refund?

26QB is the challan cum return statement. As soon as you file the form, TDS amount paid by you gets utilized. There are few corrections that are allowed in form 26QB. You can refer to the article below. You cannot get the refund of the taxes paid through an online method.

Who should pay 26QB?

There is no requirement of obtaining Tax deduction account number (TAN) of the person who is required to deduct tax in this section. Only PAN of the buyer i.e the deductor is required for filing form 26QB.

How do I fill my 26QB online?

Process to Fill Form 26QB

  1. Click on Services – ‘epayment: Pay Tax Online’
  2. Click on ‘Proceed’ under ‘TDS on Property (Form 26QB)’.
  3. Fill the form by providing the relevant details.
  4. Submit the form.
  5. A confirmation screen will appear.
  6. Next, click on ‘Print Form 26QB’.
  7. Click on ‘Submit to the bank’.

What happens if TDS paid under wrong section?

The taxpayer needs to apply for correction to the bank within 7 days of the date of deposit of challan. In this case, the taxpayer can send a challan correction application form to their respective bank.