Excess tds paid for immovable property under sec 196ia
This query is : Resolved
04 May 2016
I have paid the first token amount of Rs 3.00 Lakhs for property costing about Rs 3 crore.
Form 26QB was correctly filled up for TDS of Rs 3,000/-.
However while making payment, Rs 3 Lakhs instead of Rs 3,000/- was paid.
The property is jointly held by 2 people and also be jointly purchased by 4 persoons
Now my query is
a) Can I avoid payment of any further deposit of TDS while making subsequent payments ? The current payment covers the Total TDS for the total value. If the adjustment is possible, how to do the adjustment with different sellers and buyers ? Each of them will be paying their own contribution to the sellers as per their requirement.
b) OR is it be simpler to ask the Seller to refund the amount ?
c) If seller refunds the amount, can he adjust this excess TDS amount against his total Tax payment ? If it is yes, it is then simpler for Seller to refund the amount. If he cannot adjust the amount, he will need to get it as refund and there will be interest loss for him which I may have to compensate for him!!
d) Lastly the Form 26QB has been correctly filled up. What is to be done for this mismatch ?
Form 26QB was correctly filled up for TDS of Rs 3,000/-.
However while making payment, Rs 3 Lakhs instead of Rs 3,000/- was paid.
The property is jointly held by 2 people and also be jointly purchased by 4 persoons
Now my query is
a) Can I avoid payment of any further deposit of TDS while making subsequent payments ? The current payment covers the Total TDS for the total value. If the adjustment is possible, how to do the adjustment with different sellers and buyers ? Each of them will be paying their own contribution to the sellers as per their requirement.
b) OR is it be simpler to ask the Seller to refund the amount ?
c) If seller refunds the amount, can he adjust this excess TDS amount against his total Tax payment ? If it is yes, it is then simpler for Seller to refund the amount. If he cannot adjust the amount, he will need to get it as refund and there will be interest loss for him which I may have to compensate for him!!
d) Lastly the Form 26QB has been correctly filled up. What is to be done for this mismatch ?
04 May 2016
a) You can avoid further deposit of TDS for your potion.
b) It is simpler to ask the seller to refund the excess payment.
c) Seller can adjust the excess payment in his total tax payment.
d) Others has to deduct the tax and file the return.
Correct the 26QB already filed to your portion details leaving TDS remitted.
b) It is simpler to ask the seller to refund the excess payment.
c) Seller can adjust the excess payment in his total tax payment.
d) Others has to deduct the tax and file the return.
Correct the 26QB already filed to your portion details leaving TDS remitted.
04 May 2016
Thanks Mr. Seetharaman. How to correct the 26QB already filed ? In the TDS portion, do I changed the amount to actual higher TDS deposited ?
Regards,
Regards,
04 May 2016
TDS portion you can't correct.
See the link for more details.
http://www.nitinbhatia.in/real-estate/26qb-challan-correction/
See the link for more details.
http://www.nitinbhatia.in/real-estate/26qb-challan-correction/
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04 May 2016
Thanks Mr. Seetharaman,
I just found out that in March 2016, the procedure for changing form 26QB has been liberalized. Now more fields can be corrected.
You please check the following link.
https://www.taxmann.com/topstories/104010000000047841/cpc-tds-enables-online-functionality-for-correction-in-form-26qb.aspx
Regards,
I just found out that in March 2016, the procedure for changing form 26QB has been liberalized. Now more fields can be corrected.
You please check the following link.
https://www.taxmann.com/topstories/104010000000047841/cpc-tds-enables-online-functionality-for-correction-in-form-26qb.aspx
Regards,
04 May 2016
Good................
04 May 2016
Following fields can be corrected through online correction.
1. PAN of Buyer Details
2. PAN of Seller Details
3. Financial Year
4. Amount Paid/Credited
5. Date of Payment/Credit
6. Date of Tax Deduction
7. Property Details
1. PAN of Buyer Details
2. PAN of Seller Details
3. Financial Year
4. Amount Paid/Credited
5. Date of Payment/Credit
6. Date of Tax Deduction
7. Property Details
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04 May 2016
As per my opinion option (B) is best option . If builder ready to give refund and do the needful changes in 26QB also.
Following article may be helpful for better understanding :
http://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Following article may be helpful for better understanding :
http://taxguru.in/income-tax/notices-related-tds-immovable-property-purchase.html
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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04 May 2016
Thanks Mr. Singh.
As per above TDS deposited amount in the Form 26QB cannot be changed.
Is it possible that no further TDS is deducted and Form 26QB submitted since applicable total TDS on the transaction has already been deducted when the payment is made by one individual ?
As per above TDS deposited amount in the Form 26QB cannot be changed.
Is it possible that no further TDS is deducted and Form 26QB submitted since applicable total TDS on the transaction has already been deducted when the payment is made by one individual ?
05 May 2016
"Form 26QB" filing is mandatory for each joint Buyer for each seller. Hence every joint holder has to file form 26QB according to his proportion in the property for each seller.
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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