Tax Deducted at Source is an indirect method of Collecting tax which aims at the collection of revenue at the very source of Income. This Tax Deducted at Source has to be deposited along with Form 26QB within 7 days from the end of the month in which TDS was deducted. After depositing this TDS to the government, the buyer is required to furnish the TDS certificate to the seller. This is available around 10 to 15 days after depositing the Tax deducted at source. Thus, for paying TDS the seller is required to obtain Form 16B and the buyer is required to obtain Form 26QB. These are the steps to pay TDS and to obtain Form 16B for the seller or Form 26QB for the buyer. Here the can check TDS Payment on Sale of Property and process of making payment.
TDS Payment on Sale of Property
Any Assessee can make TDS Payment on Sale of Property in 2 ways. They are
- e-payment of TDS.
- Offline Payment of TDS on Sale of Property.
E-Payment of TDS on Sale of Property
Tax deducted at source should be deposited to the Government Account through any of the authorized bank branches using the e-Tax payment option available at NSDL. These are steps to make TDS Online Payment.
Step1: Log on to the www.tin-nsdl.com. Then you can see the page as shown below.
Step2: Click on Form 26QB. Then you can See the page as shown below.
Step3: In the page shown above Select on 0020 if you are corporate taxpayer or 0021 if you are a non-corporate taxpayer, Financial Year and Assessment Year.
Step4: Enter the Complete Address of the Transferee and the Complete Address of the Transferor.
Step5: In the next step enter the Property Details.
Step6: Then after, enter the Amount Paid or Credited and the tax deposit details as shown below.
Step7: Then after Select the type of payment from the options displayed over there and choose any one of the 2 options. If you want to make payment through internet banking then select on that option.
Step8: After choosing the mode of the payment, enter the name of the bank from the given authorized banks, Date of Tax Deduction, Date of Payment/Credit, etc. Click here for the list of Authorized Banks.
Step9: Enter the captcha code given there and then click on ‘Proceed’.
Step10: On clicking on Proceed a confirmation page will be is displayed to verify the entered details. Once re-check all the details and click on ‘OK’. Then a 9 digit alphanumeric Acknowledgment number would be generated.
Step11: Then click on submit to the bank. The deductor will have to login to the net-banking site with the user ID and password for the net-banking purpose.
Step12: After that enter the payment details and click on payment.
Step13: Then a challan counterfoil will be displayed containing CIN, bank name through which e-payment is made and payment details. Make a Print of the counterfoil for proof of payment.
TDS on Property Payment – Offline Payment Procedure
These are steps for making offline payment:
Step1: Visit the TIN NSDL website and then click on TDS on sale of property.
Step2: Then after, click on the option ‘Online form for furnishing TDS on property’.
Step3: Select Form for Payment of TDS on purchase of Property.
Step4: Fill all the details as mentioned above in the online payment process. Then after confirmation, the acknowledgment will be displayed.
Step5: Take the acknowledgment receipt to any of the mentioned authorized bank branches.
Step6: Authorized Bank branches would use the URL for e-Tax payment on the subsequent date to re-enter the required details as provided in the acknowledgment receipt.
Step7: After completing the above, the Bank will make the payment through its net banking facility and provide you the challan counterfoil.
Hence TDS Payment on Sale of Property can be done through the mentioned ways.
Documents Required for making TDS Payment on Immovable Property
These are the following documents to be furnished by the buyer of the property along with the TDS form.
- PAN Card number of both of the buyer (transferee) and the seller (transferor).
- Full names of the buyer and the seller.
- Category of PAN of the buyer.
- Category of PAN of the transferor and transferee.
- Address of the transferee and transferor.
- Complete and correct address of the property purchased.
- Details of the amount credited or paid.