TDS - 26QB

665 views 2 replies

J Bilal

59 Points Posted on 17 September 2024

Respected Sir, My request to you is as follows. My client purchased the property in August 2024 and paid 1% TDS on the property as per 26QB as the amount is more than 50 lacs. Now the client has received notice that 20% TDS has to be paid as Aadhaar is not linked with seller PAN number.

Now Seller PAN is linked

My humble request you what should I do next

Replies (2)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 17 September 2024

I understand your concern. Since the seller's PAN is now linked with their Aadhaar, you can file a revised TDS return and claim a refund for the excess TDS paid (20% - 1% = 19%). Here are the steps to follow: 1. File a revised TDS return (Form 26QB) with the correct TDS rate (1%) and the updated seller's PAN details. 2. Pay the difference between the original TDS paid (20%) and the correct TDS amount (1%) if any. 3. Claim a refund for the excess TDS paid (19%) by filing a refund request (Form 26B). 4. Keep a record of the communication with the seller, the revised TDS return, and the refund request for future reference.

J Bilal

59 Points Posted on 17 September 2024

My apologies and requests.

1. My client has paid 1% TDS under TDS 26QB method on purchase of property in Aug-2024.

Already 1% TDS paid Date 10.08.2024.

2. After that TDS 20% notice came, after linking this seller Aadhaar - PAN.