TDS on immovable Property-26QB

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This discussion addresses a common error where TDS under Form 26QB was mistakenly paid for land instead of a building. While a rectified return can be filed and processed, it does not automatically update the original Form 26QB. The consensus is that the Income Tax Department will handle the correction during the seller's ITR processing, so the buyer's liability is considered fulfilled once the rectified form is filed.

Murali

Murali (Querist)

09 May 2024 Sir

I mistakenly paid a 26 QB challan for land instead of building. Can I correct this and change it to building?"

Selected wronly land in place of building

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

10 May 2024 Refer: https://www.setindiabiz.com/learning/traces-form-26qb-correction-using-e-verify-internet-banking

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

07 September 2024 Good Luck.

Murali

Murali (Querist)

09 October 2024 Thank you for your reply, sir. This is very helpful to me. I have revised the return, and it has been successfully processed. However, the 26 QB has not changed. Is it possible to receive a new 26 QB statement with the modifications?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 October 2024 No. The value remained same, only nature of property was rectifies.

Murali

Murali (Querist)

10 October 2024 Sir, yesterday I downloaded 26 QB. I changed them from 'Land' to 'Building,' but they are still showing as 'Land.'

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

10 October 2024 If you have filed rectified form, your liability is over. ITD will take care while processing the sellers ITR.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

11 October 2024 Good luck ....