FAQs
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- (Q1.) Where to file correction in Form 26QB challan cum statement?
- Online correction facility provided to the Taxpayer(s) (Buyer as per filed Form 26QB) to update/correct details in Form 26QB through Traces website at Taxpayer Login
- Fields of 26QB in which Correction is allowed as follows:
1. PAN of Buyer
2. PAN of Seller
3. Financial Year
4. Amount Paid/Credited
5. Date of Payment/Credit
6. Date of Deduction
7. Property Details - (Complete Address of the Property)
8. Total Value of Consideration (Property Value)
9. Whether TDS is Deducted at Higher rate as per Section 206AB
10. Payment Type
11. Total Amount Paid/Credited in previous Instalments
12. Total Stamp Duty Value of the Property
Note: Section 206AB is applicable in Financial Year 2021-22 only.
- The steps for correction are provided below:
1. Buyer as per filed Form 26QB needs to login at TRACES website (www.tdscpc.gov.in) under Taxpayer login.
2. After login, click on "Request for Correction" under "Statement/Forms."
3. Select 26QB Correction and Proceed.
4. The link for detailed procedure is: https://contents.tdscpc.gov.in/en/traces 26QB-new-etutorial.html available at the Home Page of TRACES website - Key points to submit 26QB Correction from TRACES:
- If Buyer files 26QB Correction and "Seller" is known, correction can be submitted through E-Verified (Internet Banking) /AO Approval/DSC/Aadhaar Number for updating PAN details (Buyer /Seller).
- If Digital Signature is not registered and Buyer or Seller is non-Traceable, the correction request can be submitted through AO Approval option for updating PAN details (Buyer/ Seller).
- If Digital Signature is not registered, Buyer or Seller is known, the correction request can be submitted through E-Verified (Internet Banking) /AO Approval/Aadhaar Number option for updating PAN details (Buyer Seller).
- If PAN of Seller requires to be updated, the correction request will require "Previous Seller's" approval.
- If PAN of Buyer requires to be updated, the correction request will require Seller's and intended (New) Buyer approval.
- If both PAN of Seller and Buyer required to be updated, the correction request will require approval from Previous Seller and intended (New) Buyer.
- If Amount Paid/Credited is updated, the correction submitted will require Seller's Approval.
- If Date of Payment /Credit is updated, the correction submitted will require existing seller's approval (If known) and after that correction submitted will require AO approval.
- If Date of Deduction is updated, the correction submitted will require existing seller's approval (If known) and after that correction submitted will require AO approval.
- If Stamp Total Stamp Duty Value of Property required to be updated, the correction request will require approval from Previous Seller (If known) and after that correction submitted will require AO approval
- If Payment Type required to be updated, the correction request will require approval from Previous Seller (If known) and after that correction submitted will require AO approval.
- If Total Amount Paid/Credit in Previous instalments is required to be updated, the correction request will require approval from Previous Seller (If known) and after that correction submitted will require approval AO approval
- If user is doing 26QB correction for the First Time or Second Time in Seller's PAN +Amount Paid /Credit, Correction request will be directly submitted for A.O. Approval.
- If user is doing 26QB correction for the First Time or Second Time in Buyer's PAN + Seller's PAN + Amount Paid/ Credit request will be directly submitted for A.O. approval.
- Jurisdictional TDS-Assessing Officer will be decided based on Buyer's PAN (PAN submitting the correction) jurisdiction.
NOTE: Buyer (taxpayer) can also check Jurisdictional TDS-Assessing Officer details in Track Correction under Statement/Forms tab. - Yes, it is mandatory in case, Buyer updates the Amount Paid/Credit field, PAN of Seller or PAN of Buyer then it is mandatory to update E-mail id and Mobile Number of the existing Seller.
- Below fields are mandatory to fill while filing 26QB Correction:
1. Total Value Consideration Value
2. Amount Paid /Credit Currently
3. Total Stamp Duty Value of the property
4. Amount on Which TDS to be Deducted (auto-populated on the basis of value whichever is higher in Amount Paid/Credit Currently or Stamp Duty Value)
Scenario: In Case of "Payment Type": Lumpsum
TDS needs to deduct on 'Amount Paid/Credit' or 'Total Stamp duty value of the Property' whichever is higher.
For e.g:
Total Value of Consideration (in Rs.) = 100,00,000
Amount Paid/ Credit (in Rs.) = 90,000
Total Stamp Duty Value of the Property (in Rs.) = 80,000
Amount on which TDS to be deducted= 90,000 (auto-populated on the basis of value whichever is higher in Amount Paid/Credit Currently or Stamp Duty Value) - Below fields are mandatory to fill while filing 26QB Correction:
1. Total Value Consideration Value
2. Amount Paid /Credit Currently
3. Total Amount Paid/Credited in previous instalment
4. Total Stamp Duty Value of the property
5. Whether it is last Instalment
6. Amount on Which TDS to be Deducted (auto-populated on the basis of Total Amount Paid/Credited in previous instalment + Amount Paid /Credited Currently OR Total Stamp Duty Value of property whichever is higher)
Scenario: In case of 'Payment Type': Last Instalment
TDS Needs to Deduct on Amount Paid/ Credit + Total amount paid/ credited in previous instalments, if any (in Rs.) or Total Stamp Duty Value of the Property whichever is higher for e.g.: A. Total Value of Consideration = Rs. 1,00,00,000
B. Total Stamp Duty Value of the Property = Rs. 90,00,000
C. Payment in instalment or lump-sum = instalment
D. Whether it is last instalment-Yes
E. Amount paid/ credited currently = Rs. 30,00,000
F. Total amount paid/ credited in previous instalments = Rs. 70,00,000
Amount on which TDS to be deducted = Rs. 1,00,00,000 (auto-populated on the basis of Higher Amount between [ (E + F) or B]
Here, Processing Logic will be as below: -
Higher Amount between [ (E + F) or B] = i.e., Rs. 1,00,00,000
Amount Balance [ i.e., Rs. 1,00,00,000 - Rs. 70,00,000] = Rs. 30,00,000 will become Amount on which TDS should be deducted. - Below fields are mandatory to fill while filing 26QB Correction:
1. Total Value of Consideration
2. Whether it is last Instalment
3. Total Amount Paid/ Credit in Previous instalment (Write '0' in case of 1st Instalment)
4. Amount Paid Credit Currently
5. Amount on which TDS to be deducted (auto-populate on the basis of Amount Paid/Credit Currently)
Scenario: In Case of "Payment Type": Instalment
TDS needs to deduct on 'Amount Paid/Credit'
For e.g.:
Payment in instalment or lump-sum = instalmentWhether it is last instalment - No Amount paid/ credited currently = Rs. 40,00,000Total amount paid/ credited in previous instalments, if any (in Rs.) = 70,00,000Total Stamp Duty Value of the Property (in Rs.) = Zero or any value (Non mandatory in case of Payment Type: Instalment)Amount on which TDS to be deducted= 40,00,000 (auto-populate on the basis of Amount Paid/Credit Currently) - Proportionate Value should be entered in Total Stamp Duty Value of the Property in case of multiple buyer or seller.
1. Furnish hard copy of Acknowledgement of form 26QB correction along with Identity Proof.
2. PAN Card.
3. Documents related to Transfer of Property.
4. Proofs of payment made through Challan for 26QB.
5. Any other document required by AO
