Hey @Vijeth,
You can wait for the approval or even approach your AO once again. As the correction request has been submitted, you’ll not be able to submit another request simultaneously.
Hi! Can you help me answer this.
My mother and I are the two buyers as per the sale agreement. I have filed 26QB only using my PAN and paid the full amount to be deducted. Now should I file another 26QB using my mother’s PAN? and if so what amount do I add there ? Zero ?
Also since I am late in filling 26QB using my mother’s PAN am I liable to pay any fines and interest?
I have filled correction in form 26QB for change in amount paid/credited & same is pending for PAN approval .However the same is not reflecting in seller income tax login. How much time it will take ??
Hello @Shivam_Gupta
You have to file one Form 26QB only in case you have made 100% payment and pay TDS at 1% on the sale value. No need to file form 26QB for your mother.
In case a partial amount has been paid from your mothers account also, then you can do the below 2 things:
- File a revised 26QB (with the amount paid by you)
- File a Form 26QB with your mothers PAN with the amount paid by her.
Thank you.
Muskan_Balar,
Thank you for the wonderful post. I have a question on filing From26QB when we have multiple installments. I have a situation where I am buying a property with payments in two installments.
1st Installment
I have already paid 1 installment and deducted TDS. At that time, I had selected Installment as the payment type and Last Installment was “No”. Since this was the 1st installment, Total Amount paid/credited in previous installments (A) was zero, Amount paid/credited currently (B) was the value of the 1st installment and Total Stamp duty of the property (C) was non-updateable. So, under Amount on which TDS to be deducted (D), the value was correctly shown as the value of the 1st installment and TDS was 1% of this vale.
Final Instalment - where I have a question
I am currently trying to deduct TDS for the final installment. So, I selected Installment as the payment type and selected “yes” for Last Installment. Since this is the final installment, I provided the value of the 1st installment as the Total Amount paid/credited in previous installments (A). I provided the final installment value for Amount paid/credited currently (B). I then provided the agreement value as Total Stamp duty of the property (C). Incidentally, in my case, this value is equal to the 1st installment + Final installment. The system is then showing the total value of 1st installment + Final installment under Amount on which TDS to be deducted (D). This is confusing as the amount on which TDS needs to be deducted is only the final installment and not the total value of the property. Also, there is no provision to show TDS already paid.
So, my question is, whether I leave the Amount on which TDS to be deducted as shown by the system and then calculate the TDS amount to be 1% of the final installment and put it in TDS amount field. Any help is highly appreciated.
Hey @HR_Puli,
Yes, the amount shown under the field “Amount on which TDS to be deducted” is shown as the total amount including all instalments. However, you will have to calculate and enter the 1% TDS on the final instalment in the field “TDS Amount” and file the form.
Hope this helps.
Thank you so much Surbhi. This helped a lot.
While filing form 26QB, payment is made in installments. While paying second installment, the buyer got to know that total value of consideration has been increased than the one declared in Form 26QB filed while paying first installment. Can the property value be increased in Form 26QB to be filed for second installment
Hey @Shrakamath,
In this case you will firstly have to file a correction request for the Form 26QB that is already been filed and update the consideration amount. Once the same has been corrected, you can file Form 26QB for the second instalment.
Hope this helps!
Hi Guys
Recently I have purchased a property (Buyer - Me and My wife), Seller (2 person, husband and wife).
While paying TDS, I paid via 4 applications (50% of half of TDS by me to Seller 1 & 2 and 50% of half of TDS by my wife to Seller 1 & 2) it came down to Rs 45721 for each challan so total TDS was 1,82,884.
In my calculation, my numbers were matching to total TDS but surprisingly I received notice under section 200A of short deduction of amount 137163 which is (182884 minus 45721).
And I received 4 notices for each challan. I am not sure what next step i need to do.
It seems they expect me to pay full 1% against each challan…Did i do mistake in paying TDS, i am new to this…Kindly help
Hey @ViniR,
I am assuming this might be due to incorrect amounts being mentioned while filing Form 26QB. There are certain fields where you need to mention the entire sales consideration amount whereas in others you need to mention only the proportionate amount for that instalment.
However, I will be unable to provide a resolution without seeing the notice and the reason for it.
In case you want someone from Quicko’s team to help you out in understanding the short-deduction notice, you can book a MEET using the below link.
Hello Guys,
I have made a part payment to the builder and when I paid TDS I paid 1% of the part payment. Now I have received the below notification.
Regular Statement for Acknowledgement Number AL02794982 is processed with defaults u/s 200A. I have gone through the same I see it is asking me to pay 1% for the complete agreement value.
I Understand that TDS is paid as per the payment made to the builder. Kindly help.
Hi, Need some guidance. As part of transaction of buying a property, both myself and my wife as joint owners paid the TDS in 50-50% amount. However while we forgot to change the total amount to half the value. So collectively it looks like that we paid only 0.5% TDS instead of 1% and being prompt, Income tax dept has sent a notice with penalties. This is 5 days apart. When i log into my Traces account, i can see the status of challan as “Fully Consumed” but when i search for correction i get two errors
-
- There is no statement filed for the searched criteria. Please verify Assessment Year, Acknowledgement Number and PAN Buyer and Seller
-
- No challan has been deposited yet for the 26QB
Help needed - 1) is it possible to change the total value online without going for offline AO approval?
2) When will i be able to see the challan for correction?
How to get the refund through 26b form? Can we submit 26b acknowledgment through email to AO? How we can get NO tax dues certificate from PAN assessing officer.
Hey @Surbhi_Pal,
I wanted to take a moment to thank you once again for your invaluable help with my Property TDS query. Your expertise in this area was truly impressive, and I’m grateful for your assistance. I also want to extend my appreciation to you and the qna.tax team for creating such a supportive community to help people navigate these topics.
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Demand has been raised for short deduction of TDS on purchase of property,
Though the PAN was linked with aadhar before payment of TDS ,
Do we need to pay the interest also if we revise the form 26qb and pay the differential amount
Hi @suraj928,
If there’s a demand raised due to a short deduction of TDS on the purchase of property, you are required to pay the differential amount along with the applicable interest. Interest is not optional and must be paid if there has been a shortfall in the TDS deduction.
However, if you’re revising Form 26QB and the PAN is already linked with Aadhaar, you won’t need to pay interest.
Hi Surbhi,
In this case, if the property is co-owned by husband and wife, and only the husband is filing the entire TDS as 1% as we just need the TDS certificate irrespective of filing the TDS from any of the accounts, will that work?
Hi Ashish… i am facing the same issue. can help me with further steps? am really stressed. my number is 9990190282. kindly do msg
File Correction for 26QB 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 2. No challan has been deposited yet for the 26QB
I am getting this message, I searched with right values of AY, Ack#, and PAN of seller. Challan exists when I searched.
KINDLY HELP!!
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