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    How To File TDS on the Flats For Sale in Newtown, Kolkata

    The process of filing TDS can be overwhelming to many. Residents looking through affordable flats for sale in places like Newtown in Kolkata can benefit from knowing the precise steps involved in the process of filing TDS. This is relevant for both sellers and buyers. 

     

    Steps to pay TDS through challan 26QB and to obtain Form 16

     

    Step 1:

    Make payments using Challan 26QB (Online and Offline)

    Visit tin.nsdl.com and log in. From the Services tab, choose “e-payment-Pay taxes online.”

    The following challans will appear in a new window when it opens:

    On the tab labelled “TDS on property (Form 26QB),” click the forward arrow to continue. A new window will open up as shown below:

     

    • If you are a corporate payer, enter the code 0020, and if you are a non-corporate payer, enter the code 0021. Information such as the fiscal year, assessment year, and type of payment will be filled in automatically.
    • Other necessary information must be entered in all other tabs, including resident or non-resident status, the buyer’s and seller’s PANs, the full addresses of the transferee and transferor, the full address of the property, the amount paid in money and words, the amount of tax that must be deposited, etc.
    • The final tab, “payment information,” appears after you have completed all the required fields. At the bottom of the page, there are two payment options: immediate e-tax payment (through net banking) and delayed e-tax payment (e-payment of taxes by visiting any of the Bank branches). Select your preferred option by clicking “Proceed.”
    • If you select net banking, you’ll be able to access your bank’s website and make payments online. Following payment, the bank enables you to print Challan 280 with a tick on 800. (i.e. payment of TDS on sale of the property). To be safe, print this out.
    • If you are unable to pay online, an online Form 26QB receipt with a special Acknowledgement Number is generated for you. After generation, this is valid for 10 days. Bring this along with your check to one of the approved banks. Your challan will be generated by the bank, and the online payment will be processed.

    Step 2:

    Sign up for TRACES

    • If this is your first time using TRACES, create a taxpayer account using your PAN card number and the challan number you registered when making the payment.
    • After registering, you will be able to get a Form 16B (TDS certificate) that has been approved, and you can give this Form to the Seller.
    • Examine Form 26AS within seven days of payment. If you look under “Details of Tax Deducted at Source on Sale of Immovable Property u/s 194(IA) [For Buyer of Property],” you will see that your payment is reflected.
    • The information in Part F includes the TDS certificate number (which TRACES generates), the name and PAN of the deductee, the date and amount of the transaction, the acknowledgement number (which is the same as the one on your Form 26QB), the date of deposit, and the TDS that was deposited.

     

    Step 3: 

    Download to get your Form 16B

    • Log into TRACES after your payment in Form 26AS has been reflected. Go to the Download tab and select “Form-16B (for the buyer)” from the list.
    • Fill out the seller’s PAN and the acknowledgement number information pertaining to the property transaction, then click “Proceed” to complete the process.
    • Once you have checked all the information, click “Submit a request.”
    • Your request will be processed in a few hours. Requested Downloads can be chosen from the drop-down menu by clicking the Downloads tab.
    • You ought to be able to see that your Form 16B download request has the status “available.”
    • Wait a few more hours if the status reads “submitted” before repeating the previous step.
    • Get the “.zip file” now. The deductor’s birthdate serves as the password to open the “.zip file” (the format is DDMMYYYY). Your form will be accessible as a pdf inside the.zip file. Please print this.

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    To learn more, get in touch with us.

     

     

     

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