This plan enables you to file When you buy an immovable property (i.e. a building or a land) costing more than Rs 50 Lakhs you need to deduct TDS at rate of 1% on the payment made to the seller and file TDS return. A delay in filing the returns attracts interest and penalty levied by the Tax Department, hence, it is important to pay TDS within the due date and subsequent return filing is equally important.
Form 26QB is required to be filed within 30 days from the end of month in which payment is made against purchase of Immovable Property.
Service Includes
- Registration on TRACES
- Filing of Form 26QB/ Amendment in Filled Form 26QB (Any one of these)
- Filing of Form 26QB (4 No.)
- Share Link for payment of challan
- Challan Verification
- Generation of Form 16 B
Required Documents
- Details of Seller
- Details of Buyer
- Valid Mail ID & Mobile No. of Buyer
- Details of Property and Consideration Paid
- Tax Challan details
- Deduction details
Other Documents/details as required
Frequently ask questions
Form 26QB is a challan cum return statement. For payment of TDS on property if the seller is resident in India, form 26QB is required to file.
Form 26QB is required to file within 30 days from the end of month in which payment (Lump sump/Installment) of property made.
Usually form 16B is available for download within 4-5 working days from the date of payment of TDS.
Interest on late deduction of TDS – 1% every month or part of month
Interest rate if TDS deducted but delay in deposit – 1.5% every month or part of month
A fee of ₹200 per days is levied on late filing of TDS (Maximum upto amount of TDS).
If delay in filing return is more than a year from the due date of filing return than penalty can be levied upto ₹1,00,000/-
Correction on account of incorrect information provided by the assessee during the original return filing shall not form part of the plan.
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