Form 26QB - TDS Payment on Purchase of Immovable Property

Follow the steps given below to pay tax using Form 26QB:

Step 1: Visit the official income tax website and log in.

Step 2: Go to the 'E-file' section, select 'e-pay Tax,' and then click 'Proceed' under the '26QB (TDS on sale of property)' option in the 'New Payment' section.

Step 3: You will need to complete three sections by entering the required information:

1. Buyer basic details.

1. Seller basic details.

1. Property details, tax deposit information, payment or credit amount, and address/contact details.

Step 4: Choose your preferred mode of payment on the next page. You can choose the ‘Pay Now’ or ‘Pay Later’ option as per your convenience.

Step 5: Click ‘Pay Now’ to settle the TDS amount due. Once you have done this, you will receive an acknowledgment for Form 26QB, and it will be available for download.

Step 6: Once the Form 26QB is processed, you can generate the TDS Certificate by logging into the TRACES Portal as a taxpayer.

How to download Form 26QB?

Follow the steps given below to pay tax using Form 26QB:

Step 1: Visit the official income tax website and log in.

Step 2: From the drop-down menu present at the top of the page, click on ‘e-Pay’ tax option.

Step 3: Click on the payment history option.

Step 4: If Form 26QB has already been filed, you will see an entry under the payment type: TDS on Sale of Property (800). Below this, you can download the receipt and statement of Form 26QB.

Penalty charges associated with Form 26QB:

The table given below discusses the penalty charges and possible reasons related to Form 26QB:

Points to Remember: Seller of the Property

It is important to remember the below listed points if you are a property seller:

1. Your PAN must be provided to the purchaser so that information in regards to the TDS can be furnished to the Income Tax Department.
2. The taxes that have deducted must be verified in Form 26AS by the purchaser.

Points to Remember: Purchaser of the Property

It is important to remember the below listed points if you are a property buyer:

1. Tax at 1% must be deducted from the sale consideration.
2. The PAN of the seller must be collected and verified.
3. The purchaser's and seller's PAN must be provided in the online form.
4. No errors must be made when quoting PAN details. In case of any changes, you must contact the Income Tax Department.

Process to Fill Form 26QB

Follow the steps given below to fill out the Form 26QB:

Step 1: Visit https://www.tin-nsdl.com/.

Step 2: Click on Services - 'epayment: Pay Tax Online'

Step 3: Click on 'Proceed' under 'TDS on Property (Form 26QB)'.

Step 4: Fill the form by providing the relevant details. Ensure that you have the below

Step 5: PAN details of the buyer and seller, details of the property, communication details of the buyer and seller, tax deposit details, and the amount that has been credited/paid.

Step 6: Submit the form.

Step 7: A confirmation screen will appear. Post-confirmation, the two options displayed on the screen are 'Print Form 26QB' and 'Submit to the bank'.  A unique acknowledgement number will also be displayed. Make a note of the number.

Step 8: Next, click on 'Print Form 26QB'.

Step 9: Click on 'Submit to the bank'.

Step 10: Next, you must make the payment via internet banking. You will be redirected to the payment page of the bank.

Step 11: Once the payment has been completed, a challan will be displayed with the bank name, payment details, and CIN. The challan is considered as proof of payment.

• Visit https://www.tin-nsdl.com/.
• Click on Services - 'epayment: Pay Tax Online'
• Click on 'Proceed' under 'TDS on Property (Form 26QB)'.
• Fill the form by providing the relevant details. Ensure that you have the below
  • PAN details of the buyer and seller.
  • Property details.
  • Communication details of the buyer and seller.
  • Tax deposit details.
  • Amount that has been credited/paid.
• Submit the form.
• A confirmation screen will appear. Post confirmation, the two options that will be displayed on the screen are 'Print Form 26QB' and 'Submit to the bank'. A unique acknowledgement number will also be displayed. Make a note of the number.
• Next, click on 'Print Form 26QB'.
• Click on 'Submit to the bank'.
• Next, you must make the payment via internet banking. You will be redirected to the payment page of the bank.
• Once the payment has been completed, a challan will be displayed with the bank name, payment details, and CIN. The challan is considered as proof of payment.

List of Authorised Banks

The list of authorised banks from where the online tax payment can be completed is mentioned below:

1. United Bank of India
2. Union Bank of India
3. Bank of Baroda
4. UCO Bank
5. Canara Bank
6. State Bank of India
7. Punjab National Bank
8. Punjab and Sind Bank
9. Jammu and Kashmir Bank
10. Indian Overseas Bank
11. Indian Bank
12. IDBI Bank
13. ICICI Bank
14. HDFC Bank
15. Corporation Bank
16. Central Bank of India
17. Bank of Maharashtra
18. Bank of India