When purchasing a flat from a company, you need to fill out Form 26QB. The income tax portal often defaults to 'Corporation Tax (0020)', but builder documents suggest '0021' is the correct code. This discussion seeks to clarify whether the portal's selection is a bug or if '0020' is acceptable in this scenario.
23 March 2024
I am an individual (Buyer) buying a flat from a Company (Seller). When I try to fill up the form 26QB, i see the portal is auto selecting the major head as "Corporation Tax (0020)".
Builder document says it should be "0021". Is there a bug on the income tax portal or the selection is OK?