Filing of Form 26QB

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Form 26QB

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Key Features of Form 26QB under Section 194-IA

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All the requirements for Form 26QB have been listed under Section 194-IA. They are:

Under Section 194-IA, the buyer must deduct TDS at the rate of 1% of the total sale amount at the time of completing the transaction.
TDS u/s 194-IA is not applicable to transactions involving agricultural land.
TDS on immovable property sale is not applicable for transactions valued at less than Rs. 50 lakhs. For transactions beyond this limit, TDS is deducted on the entire transaction amount. For instance, if the property cost Rs. 52 lakhs then you have to pay TDS on Rs. 52 lakhs and not Rs 2 lakhs (Rs. 52 lakhs – Rs. 50 lakhs).
If the payment is made in installments then TDS is deducted proportionately on each individual installment.
The buyer does not need to obtain Tax Deduction Account Number (TAN) to deduct and deposit TDS. However, PAN is mandatory for both the seller and the buyer in case TDS deduction occurs using Form 26QB.
The buyer is supposed to deposit TDS and submit form 26QB within 30 days from the end of the month in which TDS was deducted.
In case there are multiple buyers and sellers involved in the transaction, the deductor will be required to submit multiple Form 26QB.
After deducting and depositing TDS, the buyer must furnish a TDS certificate to the seller within 15 days of the transaction in lieu of the tax deducted and deposited to the government.
The buyer must then obtain Form 16B and furnish it to the seller.

Penalties Related to Section 194-IA Form 26QB

Condition	Penalty
Non-deduction of TDS	Penalty of 1% interest on the amount not deducted for TDS
Non-remittance of TDS to the government	Penalty of 1.5% of the deducted amount per month
Delay in filing of TDS returns	Penalty of Rs. 200 per day for each day of default

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