Form 26QB has significant importance in the process of deducting tax at source (TDS) for property sales. However, occasional errors and mistakes may occur during the submission of this form. If you come across any inaccuracies in your Form 26QB, there’s no need to worry, as you can rectify them.
This article has been written to provide a comprehensive guide on how to correct Form 26QB effectively.
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What is the Process to Correct Form 26QB-TDS Online?
Below is the authentic process to easily correct the 26QB form with important queries for taxpayers.
The 26QB-TDS Form on Property Sale
Form 26QB is an e-form also known as a “challan-cum-statement.” It is used for deducting tax under Section 194-IA of the Income Tax Act, 1961, regarding property transactions. The deductor, who is the buyer of the property, is required to file Form 26QB electronically on the Income Tax Department’s e-filing website (www.incometax.gov.in) within 30 days from the end of the tax deduction month.
What are the Steps to Correct Issues/Mistakes on Form 26QB?
The deductor, i.e., the buyer of the property, can rectify errors or mistakes in Form 26QB online by logging into the TRACES website. For easy understanding and utilization of the 26QB correction functionality, relevant e-tutorials are available on the home page of the TRACES website.
In Form 26QB, Who is Eligible to Apply for Corrections?
Only deductors (buyers of the property) who are registered on the TRACES website can submit a request for correction in Form 26QB. The option for “26QB” correction can be found under the “Statements/Forms” tab.
Is it Possible to Correct Certain Aspects of Form 26QB?
Corrections can be made in both critical fields (allowed for correction only twice) and non-critical fields. The following fields are categorised as critical and non-critical for correction purposes:
How Does Form 26QB-TDS Need to Be Corrected?
The steps for correcting Form 26QB are outlined below:
Step 1: Log in to the TRACES website as a taxpayer using your registered User ID and Password.
Step 2: Under the “Statements/Forms” tab, select the option “Request for Correction” to start a correction request.
Step 3: Enter the relevant details such as“Assessment Year,”, “Acknowledgement Number,” and “PAN of Seller” based on the filed 26QB form. Click on “File Correction” to submit the correction request. Upon submission, a request number will be generated.
Step 4: Go to the “Track Correction Request” option under the “Statements/Forms” tab and start rectifying after you see the status as “Available”. Click on the “Available” status to proceed.
Step 5: Provide the CIN (Challan Identification Number) details as per the filed 26QB statement, then click on “Proceed.”
Step 6:Select the field that needs to be edited in the 26QB form. After clicking on the “Edit” tab, a message will appear on the screen. Click on “Save” to save the updated details, and then click on “Submit Correction Statement.”.
Upon submission of the Correction Statement, a “Confirm details” screen will be displayed, highlighting the updated details in yellow.
The profile details will be populated as updated on TRACES. Click on “Submit Request” to finalize the correction request.
Step 7: After submission, it is necessary to validate the correction request. If your Digital Signature Certificate (DSC) is registered, you can validate the request using the DSC. If your DSC is not registered, you can validate the correction request using options such as e-verification (Net Banking), AO Approval, or Aadhar OTP.
Read Also:- Filing Revised TDS Return Online: Step-by-Step Guide
The profile details will be populated as updated on TRACES. Click on “Submit Request” to finalize the correction request.
Important Points to Remember
- After successfully submitting the correction, the applicant will be issued a Correction ID. This ID can be used to track the status of the correction.
- If your DSC is not registered, you need to provide a hard copy of the acknowledgement of the Form 26QB correction, along with identity proof, PAN Card, documents related to the property transfer, and proofs of payment to the Jurisdictional Assessing Officer (AO) for verification.
- Users can submit 26QB Correction statements without requiring approval from the Assessing Officer by using e-verification (Net banking)/AADHAR/DSC validation.
- Users can submit 26QB Correction statements without requiring approval from the Assessing Officer by using e-verification (Net banking)/AADHAR/DSC validation.
- There is no e-verification option available for NRI taxpayers.
Dear MAYUR BHAJE,
im also in same case, Did you received any mail from your jurisdictional ITO (Income Tax Office) ?
Please update and help to know what to do next.
Thanks – Parth
I filed on 30th march and want to rectify mistake on April 1. but when i submit rectification request, it is getting failed immediately in 2-3 mins. What could be possible reasons for this?
I have submitted for correction in 26QB on 18th March, however I did not see any options of above to for the approval like DSC option or E verification via AAdhar. They have just mentioned that post approval from Jurisdiction officer, I have to submit “Form 26QB correction acknowledgment and submit the duly signed document along with supporting document for the correction made “, but here I am confused like what documents and where to send all those. Kindly help me if anyone knows.
Hi Mayur,
You must have received a mail from your jurisdictional ITO (Income Tax Office) TDS in which you have to file some documents. You must have to reply to that mail with these documents for further processing.
My 26qb correction status shows “in progress” from 24th Jan 2024. today is 12th Feb. 19 days over. is it normal ? how long should i wait for it to turn to “approved” status, please?
Hi Swamy,
The reason for that is you have not filed the correction statement yet, i.e. it is just a draft, for for filing the same you need to submit the correction form.
I have corrected form 26qb online and now it’s require Sellers approval.
Wanted to know how my seller will aprove it i. e. in traces portal or income tax portal and the further procedure
Hello,
We have bought an apartment ( under construction, through a builder ) and under joint ownership. We are paying quarterly instalments to the builder. For the first installment, I entered in Form 26QB in the “consideration value of property” the total value + GST – as mentioned by the builder. Is this correct? Pls advise, Thanks
GST is not to be included in the consideration value for TDS purposes. The consideration amount means only the base price agreed between the buyer and the seller, not any taxes. TDS @ 1% is to be deducted only on the consideration value excluding GST.
I filled TDS on 30th Nov. I made a mistake & for that I logged in to TRACES. But when I enter Ack No & other details it doesn’t identify any records. What to do?