What is the due date for Form 26QB?
The TDS must be deposited and Form 26QB filed within 30 days from the end of the month in which the deduction was made, so for a payment in March the due date is 30 April. We prepare the form on the same day so you are not caught at the deadline.
What is the late fee on Form 26QB?
Interest at 1% a month for late deduction and 1.5% a month for late deposit applies, and a fee under section 234E of ₹200 a day can also apply for late filing of the statement. We calculate the amount and prepare the challan.
What is Form 16B and who needs it?
Form 16B is the TDS certificate the buyer issues to the seller. It is downloaded from the TRACES portal after the 26QB is processed, typically in a few days. The seller needs it to claim TDS credit in the return.
Is TDS deducted on the price or on the stamp duty value?
TDS is on the higher of the consideration paid and the stamp duty value, if section 50C applies. Check the circle rate before you sign. We compute the TDS using the higher figure.
Do both co-buyers have to file?
Each buyer files a separate Form 26QB for the share of consideration he pays and the corresponding seller. The TDS is calculated on the share. We prepare separate forms and challans.
What if the seller's PAN is inoperative?
A PAN that is not linked to Aadhaar is treated as inoperative, and TDS at a higher rate may apply. Ask the seller to link PAN to Aadhaar and verify its status before payment. We verify before filing.
What are the due dates for TDS returns?
TDS returns are filed quarterly: 31 July, 31 October and 31 January for the first three quarters, and 31 May for the fourth. TDS deducted must be deposited by the 7th of the following month (30 April for March). Form 24Q covers salary, 26Q covers resident non-salary payments, and 27Q covers payments to non-residents.
What is the penalty for late TDS return filing?
A late filing fee under section 234E of ₹200 a day applies until the return is filed, capped at the TDS amount. Penalty under section 271H of ₹10,000 to ₹1 lakh can also apply if the return is not filed within a year or contains incorrect details. Late deposit of TDS attracts interest of 1% to 1.5% a month.
How do I correct a TDS return that has errors?
A correction statement is filed on the TRACES portal using the original provisional receipt number. Corrections can fix PAN errors, challan mismatches and deductee details. We download the justification report, find the exact default, and file the correction so the deductee's Form 26AS shows the credit.
