Form 26QB-TDS on Sale on Property: Form 26QB is an e-Form which is a ‘challan-cum-statement’ ofdeduction of tax under Section 194-IA of the Income Tax Act,1961. Form 26QB needs to be filed electronically by the deductor(buyer of the property) at e-filing website of the department(www.incometax.gov.in) within 30 days from the end of the monthin which tax was deducted.
Online correction in Form 26QB
Q1. How to correct errors/mistakes in Form 26QB?
Ans: The errors/mistakes in Form 26QB can be corrected onlineby the deductor (buyerthe property) by logging in at theTRACES website. Relevant e-tutorials available on the home pageof TRACES website may also be referred to the ease of using the26QB correction functionality.
Q2. Who can apply for correction in Form 26QB?
Ans: The deductor (buyer of the property) registered at theTRACES website can submit request for “26QB” correctionavailable under the Tab “Statements/Forms.
Q3. What can be corrected in Form 26QB?
Ans: Correction can be made in critical (allowed twice only) andnon-critical fields. Following are the critical and non-critical fields:
| SI.No | Critical Fields | Non-Critical Fields |
| 1. | PAN of buyer | Major Head |
| 2. | PAN of seller | Address of buyer |
| 3. | Financial Year | Address of seller |
| 4. | Amount paid/credited | Email ID of buyer |
| 5. | Date of payment/credit | Mobile Number of buyer |
| 6. | Date of deduction | Email ID of seller |
| 7. | Property details | Mobile Number of seller |
| 8. | Total value of consideration | Date of Agreement/Booking |
| 9. | Payment Type | |
| 10. | Total Amount Paid/Credited in previous instalments | |
| 11. | Total Stamp Duty Value of the Property |
Q4.What are the steps for the 26QB correction?
Ans: The steps for 26QB correction are provided as follows:
Step 1: The deductor (buyer of the property) has to login atthe TRACES website as a Taxpayer with a registered User ID andPassword.
Step 2: Select the option “Request for Correction” under”Statements/ Forms” tab to initiate a correction request.
Step 3: Enter relevant “Assessment Year”, “AcknowledgementNumber” and “PAN of Seller” according to filed 26QB, then Clickon “File Correction” to submit a request for correction. A requestnumber will be generated after the submission of the CorrectionRequest.
Step 4: Go to “Track Correction Request” option under the”Statements/ Forms” tab and initiate correction once the status is “Available”. Click on the “Available” status to continue.
Step 5: Mention CIN details as per the 26QB statement filed, then click on “Proceed.
Step 6: User can select the required field to edit details in26QB. After clicking on the “Edit” tab, a message will pop up onthe screen. Click on “Save” to save the updated details, thenclick on “Submit Correction Statement”.
The screen will display “Confirm details” after submission ofthe Correction Statement (Updated details will be highlighted inyellow).
Profile details will be populated as updated on Traces. Click on”Submit Request” to submit a correction request.
Step 7: After the submission, user is required to validate theCorrection request. If DSC is registered, user can validate therequest using the DSC. If DSC of the user is not registered, theycan validate the correction request using the options e-verify(Net Banking), AO Approval and Aadhar OTP.
Remember
- After successful submission of correction, a Correction ID willbe generated through which the status of correction can be tracked.
- If DSC is not registered, furnish a hard copy of the acknowledgmentof form 26QB correction, Identity proof, PAN Card, the documentsrelated to transfer of property and the proofs of payment, tothe Jurisdictional AO (whose details appear against your correctionrequest) for verification.
- The user can submit 26QB Correction statements without approval from Assessing Officer using e-Verify (Net-banking)/AADHAR/DSCvalidation.
- The e-verification option is not available for NRI Taxpayers.