UBS

Form 26QB

What is Form 26QB?

Form 26QB is a return-cum-challan form used for the payment of TDS to the government for the deductions made under section 194-IA of the IT Act 1961. This section specifically deals with the transactions involving the sale of immovable property.

The applicable TDS and Form 26QB need to be submitted within 30 days of the end of the month in which TDS was deducted. For example, if the transaction was made on 14th March, then Form 26QB must be submitted by 30th April.

Key Points: Seller of the Property

  • You must provide your PAN to the purchaser so that the information regarding TDS can be furnished to the Income Tax Department.
  • The deducted taxes must be verified in Form 26AS by the purchaser.

Key Points: Buyer of the Property

  • Tax at 1% should be deducted from the sales consideration.
  • The seller’s PAN must be collected and verified.
  • The buyer’s and the seller’s PAN must be provided in the online form.
  • Ensure no errors are made while quoting PAN details. In case of any changes, you must contact the Income Tax Department.

Requirements for Form 26QB

  • Buyer’s and seller’s PAN
  • Address of Buyer and Seller 
  • Contact details of both 
  • Details of the property 
  • Amount paid/credited 
  • Tax deposit details 

Also, See: Form 26Q

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