Form 26QB is a TDS certificate, which is required to be filed by a buyer of property for the deduction of TDS (tax deducted at source) while making payment to a seller for the sale of a property. This form is mandatory for every person who buys a property, which is valued at more than Rs. 50 lakh. In this article, we will explain the procedure for form 26QB download and the step-by-step guide for TDS on property sale.
When should form 26QB be filed?
Form 26QB to be filed within 30 days from the end of the month in which TDS is deducted. The person who is responsible for making the payment of TDS is required to file this form and make the payment. The purchaser is required to file Form 26QB even if the property value is less than Rs. 50 lakh.
Procedure to pay TDS through form 26QB
The following steps should be followed to pay TDS through Form 26QB:
Step 1: Go to the official income tax India website and click on the TDS on sale of property tab.
Step 2: Select the Form 26QB option.
Step 3: Fill in the details such as the buyer's PAN, seller's PAN, and the property details such as the address, purchase price, and TDS amount.
Step 4: Select the payment option and make the payment through net banking or credit card.
Step 5: After the payment is successful, a TDS certificate will be issued which should be downloaded.
Form 26QB download
To download Form 26QB, follow the below steps:
Step 1: Go to the official income tax India website.
Step 2: Click on the TDS on sale of property tab.
Step 3: Select Form 26QB option.
Step 4: Enter the details such as the buyer's PAN, seller's PAN, and the property details such as the address, purchase price, and TDS amount.
Step 5: Click on the download option to download Form 26QB in pdf format.
Penalty charges associated with form 26QB
In case the TDS payment is not made within the time limit, a penalty of 1% per month or part of the month until the payment is charged. The penalty is calculated from the date on which the TDS was deducted until the date of payment of the TDS amount.
Penalty Type |
Section |
Charge |
Limit/Conditions |
Late Filing Fee |
234E |
₹ 200 per day of default |
Maximum = TDS amount |
Penalty for Delayed Filing |
271H |
₹ 10,000 to ₹ 1,00,000 |
May not apply if TDS paid, form filed within 1 year, reasonable cause exists. |
Interest for Late Payment of TDS |
201(1A) |
1.5% per month or part of a month |
From deduction date to payment date. |
In conclusion, Form 26QB is a necessary document that should be filed by the buyer of the property for the deduction of TDS while making payment to the seller. The procedure to pay TDS through Form 26QB, as well as the process of how to download Form 26QB, has been explained in the article. It is essential to file this form on time to avoid any penalty charges.
Who Needs to File Form 26QB?
As per the provisions under Section 194-IA of the Income Tax Act, any buyer purchasing an immovable property (excluding agricultural land) worth ₹50 lakh or more must deduct 1% TDS when making payment to the seller.
The buyer is responsible for filing Form 26QB to deposit the deducted TDS with the government within 30 days from the end of the month in which the payment was made. Once filed, the buyer must issue Form 16B to the seller as proof of TDS deduction.
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Correcting Errors in Form 26QB
If you have made an error while filing Form 26QB, you can correct it online through the TRACES website. Common mistakes include incorrect PAN details, payment amount, or property details.
Steps to Correct Form 26QB Online:
- Visit the TRACES portal and log in with your credentials.
- Navigate to “Statements/Forms” > “Request for Correction” and select Form 26QB.
- Submit the correction request and upload any required documents.
- Once verified, the changes will be processed.
It is essential to correct errors promptly to avoid penalties or tax discrepancies.
