TDS on Property
This query is : Resolved
20 January 2021
Hello All
I want your valuable advise.
My client has deposited TDS on Property before registry. Now the deal has been cancelled and the entire amount is being returned, but the TDS deposited is updated in his account and reflecting in 26AS.
Now my question is that " how to get TDS deleted from his 26AS". Is it possible. If not then what will be the consequences?
Pl advise and reply soon.
Regards
I want your valuable advise.
My client has deposited TDS on Property before registry. Now the deal has been cancelled and the entire amount is being returned, but the TDS deposited is updated in his account and reflecting in 26AS.
Now my question is that " how to get TDS deleted from his 26AS". Is it possible. If not then what will be the consequences?
Pl advise and reply soon.
Regards
20 January 2021
The TDS so paid by your client is reflected in the Vendors 26AS also. You can recover the TDS from the Vendor as the deal is not materialised.
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20 January 2021
Sir
Thanks for reply. but the entry in my client 26AS is reflecting.. How the entry can be erased or there would be no problem as income tax.
Pl guide.
Regards
Thanks for reply. but the entry in my client 26AS is reflecting.. How the entry can be erased or there would be no problem as income tax.
Pl guide.
Regards
01 December 2021
Notification 45_2017
Deductor can claim back excess paid TDS by filing form 26B :::
"Amended Form 26B also clarifies (by way of inserting ‘Notes’)that the following changes for claiming refund relating for excess TDS deducted u/s 194IA (TDS on sale of property ) the deductor in Form 26B has to mention
His PAN instead of TAN in Form 26B;
Leave the column II(5) in Form 26B of ” period” as blank;
In the column II(7) in Form 26B of “Receipt number of relevant statement ” mention the acknowledgement no. of Form 26QB ."
Deductor can claim back excess paid TDS by filing form 26B :::
"Amended Form 26B also clarifies (by way of inserting ‘Notes’)that the following changes for claiming refund relating for excess TDS deducted u/s 194IA (TDS on sale of property ) the deductor in Form 26B has to mention
His PAN instead of TAN in Form 26B;
Leave the column II(5) in Form 26B of ” period” as blank;
In the column II(7) in Form 26B of “Receipt number of relevant statement ” mention the acknowledgement no. of Form 26QB ."
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