(Q1.)How to file correction in Form 26QE challan cum statement? - Online correction facility provided to the Taxpayer(s) (Deductor/Buyer as per filed Form 26QE) to update/correct details in Form 26QE through Traces website at Taxpayer Login. Please refer E- Tutorial of Form 26QE Correction - In Cash and Form 26QE Correction - In Kind available at the Home Page of TRACES website.
(Q2.)What are the fields on which correction is allowed through 26QE Correction functionality available on TRACES Website? - Correction can be done on Critical and Non-Critical fields. Critical Fields of 26QE in which Correction are allowed as follows:
A: In case of Transaction in Cash
1. PAN of Deductor/Buyer
2. PAN of Deductee/Seller
3. Date of Payment/Credit
4. Date of Deduction
5. Amount Paid/Credited either in cash or kind or in exchange of another VDA
6. Total Value of Consideration
7. Date of transfer of Virtual Digital Asset (VDA)
B: In case of Transaction in Kind
1. PAN of Deductor/Buyer
2. PAN of Deductee/Seller
3. Amount Paid/Credited either in cash or kind or in exchange of another VDA
4. Total Value of Consideration
5. Date of transfer of Virtual Digital Asset (VDA)
(Q3.)If PAN of the Deductor/Buyer & Deductee/Seller had been interchanged in Form 26QE, how the correction can be done in Form 26QE? - Deductor/Buyer as per filed Form 26QE needs to file correction.
The steps for correction are provided below:
1. Deductor/Buyer login at TRACES website (www.tdscpc.gov.in) under Taxpayer login.
2. After login, click on "Request for Correction" under "Statement/Forms."
3. Select 26QE Correction and Proceed.
4. The link for detailed procedure is: Form 26QE Correction - In Cash and Form 26QE Correction - In Kind available at the Home Page of TRACES website (Q4.) What is the checklist/key points to submit 26QE Correction on TRACES? - Checklist/Key points to submit 26QE Correction from TRACES:
- If Digital Signature of Deductor/Buyer is registered and new and existing Deductee/Seller is known, the first correction request can be submitted through DSC/e- Verify (Internet Banking) / Aadhaar / AO approval for updating Deductor/Buyer PAN and/or Deductee/Seller PAN as critical fields
- If Digital Signature of Deductor / Buyer is not registered and new and existing Deductee/Seller is known, the correction request can be submitted through E-Verify (Internet Banking) /AO Approval/Aadhaar Number option for updating Deductor/Buyer PAN and/or Deductee/Seller PAN as critical fields.
- If Digital Signature is not registered for Deductor/ Buyer or Deductee/Seller is unknown, the correction request can be submitted through AO Approval option for updating all critical fields.
- Software (available in Hard Token) provided by the digital Signature Vendor is required to be installed on system while submitting 26QE correction request if Deductor/Buyer is opting for DSC.
- If PAN of Deductee/Seller is updated then existing Deductee /Seller's (if known) approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO Approval.
- If PAN of Deductor/Buyer is updated then existing Deductee /Seller’s (if known) and new Deductor/ Buyer's approval are required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO Approval.
- If PAN of Deductee/Seller and PAN of Deductor/Buyer are updated then existing Deductee /Seller’s, new Deductee/Seller's and new Deductor/Buyer's approval are required for the correction processing. In case new and existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval.
- If Amount Paid/Credited either in cash or kind or in exchange of another VDA is updated, existing Deductee /Seller's (If known) approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval.
- If Date of Payment /Credit is updated, existing Deductee /Seller's (If known) approval and after that AO Approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval. (Not applicable for transaction in kind)
- If Total Value of consideration is updated, existing Deductee /Seller's (If known) approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval.
- If Date of transfer of virtual digital asset is updated, existing Deductee /Seller's (If known) approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval.
- If Date of Deduction is updated, existing Deductee /Seller's (If known) approval and after that AO Approval is required for the correction processing. In case existing Deductee/Seller is unknown, Deductor/Buyer can opt for AO approval. (Not applicable for transaction in kind)
- While making first time 26QE correction, please ensure that the details in critical fields are filled carefully as second time 26QE correction would be processed through TDS Assessing Officer's approval. After changes and approvals of (Deductor/Buyer) (Deductee/Seller) (if required), your correction statement will be directly submitted for approval of the TDS Assessing Officer.
- Jurisdiction Assessing Officer will be decided on the basis of Deductor/Buyer's PAN.
- Please update latest communication details, i.e., e-mail id and mobile number in profile section so that you may be contacted by the concerned officer for any clarification or query.
NOTE: If correction is submitted for AO approval below documents are required for submit to Jurisdictional AO for verification:
1. Furnish hard copy of Acknowledgement of form 26QE correction along with Identity Proof.
2. PAN Card.
3. Documents related to Transfer of VDA.
4. Proofs of payment made through Challan for 26QE.
5. Any other document required by AO. (Q5.)To which Jurisdictional Assessing Officer a Deductor / Buyer should approach for approval?
- Jurisdictional TDS-Assessing Officer will be decided based on Deductor/Buyer's PAN (PAN submitting the correction) jurisdiction.
NOTE: Deductor/Buyer (taxpayer) can also check Jurisdictional TDS-Assessing Officer details in Track Correction Request under Statement/Forms tab. (Q6.)Is it mandatory to provide updated Email ID and Phone Number of Deductor/Buyer and/or Deductee/Seller?
- Yes, it is mandatory to provide updated Email ID and Phone Number of Deductor/Buyer and/or Deductee/Seller in case, Deductor/Buyer updates the PAN of Deductee/Seller and/or PAN of Deductor/Buyer
(Q7.)What all document are required to submit for Assessing Officer approval If correction request is submitted for AO approval?
- Deductor/Buyer has to submit Form 26QE Correction acknowledgement along with transaction related documents, e.g. Proofs of payment made through Challan for 26QE, PAN Card etc. to Jurisdictional Assessing Officer within 14 days from the date of transmitting the data electronically. Failure to do so will lead to rejection of correction statement.
(Q8.)How to track status of 26QE Correction request? - Deductor/Buyer can check the status of 26QE Correction from "Track Correction Request" available under "Statements/Forms" tab.
Description for status of 26QE Correction :- | Status | Section Code |
|---|
| Available | Once the request for correction is available for correction, status will be "Available". |
| In Progress | User is working on a statement. Clicking on the hyperlink "In Progress" to proceed further. |
| Pending for AO Approval | Once the correction is submitted and validated correction will be displayed with status as "Pending for AO Approval"(If user has chosen AO approval option). |
| Pending for PAN Approval | Status will be "Pending for PAN Approval" if Correction is submitted for new and existing Deductee/Seller's, new Deductor/Buyer approval. |
| Submitted to ITD | Status will be submitted to ITD if request is approved by AO or new and existing Deductee/Seller, new Deductor/Buyer (if required) |
| Processed | Status will be processed if request is processed by CPC TDS. |
| Cancelled | Status will be cancelled if request is cancelled by existing Deductor/Buyer. |
| Rejected | Status will be rejected If request is rejected by CPC TDS, new Deductee/Seller or existing Deductee/Seller or new Deductor/Buyer or AO. |
(Q9.)Can I cancel the request of 26QE Correction?
- Only existing Deductor/Buyer can cancel the request before it has been approved by other PAN(s) or AO whichever is earlier.
(Q10.)How many times can I do correction in the critical fields of 26QE Challan cum Statement?
- Correction is allowed twice in all critical fields of 26QE Challan cum Statement.
Kindly note that second time 26QE correction would be required Assessing Officer's approval.
