How to file Form 26QB on sale of property?

CA_Jayni_Bhavsar · February 1, 2024, 1:32pm

Firstly, you need to file another 26QB for the short payment of INR 2000. Once your correction request is processed or denied by AO, you can apply for a refund of the excess TDS paid. After submitting the refund request you need to connect with your AO regarding the submission and approval of documents.

Hope this helps!

bijit_pattanaik · February 3, 2024, 10:42am

Hi @Sangeeta , I am exactly in a same situation as you. What did you do when AO rejected your correction request? Were you able to correct the amount credited date finally?

Appreciate your answer to my query! Thanks

Kunjan · February 5, 2024, 8:20am

Hey @Surbhi_Pal
I read some blogs on this query, many had wrote that only if correction submitted through DSC there is auto approval. Mine is without DSC coz I was in presumption that e-verify or e-aadhar option will appear but nothing happened as such.
Now I think I have to visit AO for the approval.
The big problem happened here is client had bought property in co-ownership with wife but he paid till now 26 QB challan all on his name. There is joint loan account but EMI is totally paid by earning husband.
I am afraid here when I will go for AO approval and he will check property papers, he will reject it as 26QB is totally filed by husband only.
I am looking for some loop to get client out of it.

Sangeeta · February 6, 2024, 7:53am

Hi Bijit, yes I was able to get the correction done. The documents need to be physically submitted to the AO. The AO approved immediately and then it was forwarded to TDS for approval.

bijit_pattanaik · February 6, 2024, 8:22am

Thanks for your reply @Sangeeta . What all documents were needed?

Ashutosh · February 6, 2024, 12:16pm

I filed for a correction in Form 26QB (changed the date of deduction). Attaching the status of the request.

It is stuck on “Pending for PAN approval”. My builder is telling me that his TRACES portal is not showing any request for approval. Could anyone help me with what could be going wrong?

The builder is logging in to TRACES using his TAN number. Should he be logging in with his PAN instead (that’s what I deducted TDS for)? Does TRACES have separate login for TAN and PAN for the same organization?

What steps should the builder be performing for approving the request?

Ashutosh · February 6, 2024, 12:17pm

Also attaching the confirmation message from IT. The hidden PAN is builder’s PAN.

Surbhi_Pal · February 7, 2024, 5:18am

Hey @Kunjan,

The solution in this case would be visiting the AO.

Shreya_Sharma · February 7, 2024, 7:20am

Hello @Ashutosh

The builder has to log into Traces using his PAN under taxpayer. There he will be able to see the request for approval under “track correction request”. Yes, TRACES have a separate login for TAN and PAN for the same organization.

Hope this helps!

3066 · February 7, 2024, 9:47pm

Thank you Jayni for your response!

Aryan · February 11, 2024, 10:06am

hello! I need some assistance with Form26QB correction as I made a mistake in the date of payment and it came back with default. I am receiving the following error when I try to request correction.

There is no data available for the specified search criteria
Reasons can be:
1. There is no statement filed for the searched criteria. Please verify Assessment Year, Acknowledgement Number and PAN Buyer and Seller
1. No challan has been deposited yet for the 26QB

I am also unable to download the Jurisdiction report and it says:

The latest statement filed for the specified search criteria is not processed, please check later.

While I checked the status of Challan it is showing fully Consumed

Rishab_Jaiswal · February 11, 2024, 2:18pm

Hi,

Me & my wife bought a property of 1.05Cr on 31st Jan 2024 and filed for TDS on the same day. Soon, we got a short deduction notice from ITD because we filled the amount paid as 1.05Cr in both the form 26QB challans, instead of halving the total amount paid to seller, 1.05Cr, to 52.5lacs in each form.

We quickly made the 26QB corrections by 6th Feb 2024 and the seller also proactively approved the correction on Traces. Now, the status is stuck in “Pending for AO approval” status for some time with AO details. Given, it just has been 4 days now and I might be getting impatient.

One of my CA friend has suggested that it gets auto-approved in some time. But I am still worried.
How long does it usually take get AO approval?

Please refer the screenshot

Surbhi_Pal · February 12, 2024, 5:34am

Hey @Rishab_Jaiswal,

In most cases, the AO approval is done online and the status gets updated.

You can wait for a few days. If the status does not get updated, you need to approach the AO offline.

Hope this helps!

Surbhi_Pal · February 12, 2024, 11:27am

Hey @Aryan,

You will be able to file a correction return once your original Form 26QB is processed. It usually takes 7-10 days for the IT department to process the same.

Rishab_Jaiswal · February 13, 2024, 2:21pm

Thanks Surbhi,

I will wait for few days.

Rishab_Jaiswal · February 27, 2024, 4:58am

Hi @Surbhi_Pal
It has been around 20 days. Shall I wait for 10 more days?

Surbhi_Pal · February 27, 2024, 7:34am

Hi @Rishab_Jaiswal,

Its best you reach out to the AO in this case.

Nikitha27 · March 3, 2024, 11:14am

Hi Kajal- is this issue resolved? I have a similar issue, it would be a great help if you can guide me here

Pallab · March 5, 2024, 7:45am

Hi @Surbhi_Pal , I have Recently Filed For form 26QB however, I have made some Error and got short deduction Notice, As me and my husband are co-owner and filed TDS at the same Time, we have got the same error, I am getting an option to correct his details in traces however for me its shows " * There is no data available for the specified search criteria

Reasons can be:
1. There is no statement filed for the searched criteria. Please verify Assessment Year, Acknowledgement Number and PAN Buyer and Seller
1. No challan has been deposited yet for the 26QB

Enter values in below fields and submit correction request for Form 26QB

If PAN of Seller and PAN of Buyer are updated, the correction submitted will require previous Seller’s and updated Buyer’s approval. If Seller is unknown Buyer can opt for AO approval

Jurisdictional TDS-Assessing Officer will be decided based on Buyer’s PAN’s (PAN submitting the correction) jurisdiction"

Further Checked My challan status. It shows as Fully consumed.

please help what can be done in this

Surbhi_Pal · March 6, 2024, 9:48am

Hey @Pallab,

This seems to be a very case-specific query. The reason for the short-deduction notice needs to be analysed here.

I suggest you connect with the TRACES support team, below are the details.
Helpline number: 1800 103 0344 and email: contactus@tdscpc.gov.in