Your Tax Assistant
Ask Me Anything
All you need to know about Form 26QB
GST
5 min read
Test
Posted on
What is Form 26QB?
- A challan-cum-TDS return form for deducting tax at source on the sale of immovable property.
- Applicable under Section 194IA of the Income Tax Act.
- Ensures compliance with tax regulations during property transactions.
Why is it important?
When is Form 26QB required?
Exemptions:
Parties Involved:
Details Needed:
Payment Timeline:
Steps to File Form 26QB:
Post-Filing Requirements:
Compliance Rules:
Penalties for Non-Compliance:
Property Sale Example:
- Sale price: ₹80,00,000
- TDS Rate: 1%
- TDS Amount: ₹80,000
Steps:
- Deduct ₹80,000 from payment to the seller.
- File Form 26QB within 30 days.
- Issue Form 16B to the seller after successful filing.
- Common Errors:
- Incorrect PAN details.
- Delayed filing/payment.
- Mismatch in property details.
How to Correct Errors?
Benefits of Timely Filing
- Avoid penalties and interest.
- Smooth property transaction process.
- Compliance with tax laws ensures no legal disputes.
Conclusion & Key Takeaways
Key Points to Remember:
Final Thoughts:
- Filing Form 26QB is straightforward but critical.
- Proper compliance safeguards both buyer and seller.
| Particulars | UPS | NPS |
|---|---|---|
| Employer’s Contribution | 18.5% of basic salary | 14% of basic salary |
| Pension Amount | 50% of average basic pay (for 25+ years of service) | Depends on market returns, no guaranteed amount |
| Family Pension | 60% of pension in case of the retiree’s death | Depends on corpus and annuity plan |
| Minimum Pension | Rs. 10,000 per month (for 10 years of service) | Varies based on market investments |
| Lump Sum Amount | Provided as 1/10th of last drawn pay for every six months of service | Employees can withdraw up to 60% of corpus |
| Inflation Protection | Yes, based on AICPI-IW | No automatic DA increments |
Explore TaxSpanner's wide range of calculators for your tax planning and calculations!
View Tools & Calculators
Try TaxSpanner Today
TaxSpanner offers an end-to-end tax compliance solutions to individuals, Professionals and Businesses.
TaxSpanner.com is one of India’s largest and most trusted websites that offers online preparation of accounts books and filing of TDS, GST, individual Income Tax Returns (ITR). Established in 2007, TaxSpanner is based out of New Delhi. Since then, it has grown to build very large customer base in this market segment.