Form 26QB excess payment and correction

HI,
As per Section 194-IA, purchaser of an immovable property (other than rural agricultural land) worth Rs 50 lakh or more is required to pay withholding tax at the rate of 1% from the consideration payable to a resident transferor. Form 26QB is an internet based PAN challan( minor head 800) containing details of buyer, Seller, property being sold, sale consideration, tax deposit details etc. Various instances are seen were some or other attribute of challan is wrongly mentioned and credit of TDS deducted is not reflected in Form 26AS. Earlier online correction facility is not available hence to correct any mistake in Form 26QB tax payer needs to apply to assessing officer. But now online correction facility of Form 26QB is available on TRACES. This article will cover all the important points and procedure of online correction of Form 26QB.
Important Information for “26QB Correction”:

1. Only Buyers registered on TRACES can submit request for “26QB correction” under “Statements/Forms ” Tab. 2. Fields of 26QB in which Correction is allowed as follows : PAN of Buyer PAN of Seller Financial Year Amount Paid/Credited Date of Payment/Credit Date of Deduction Property Details –(Complete Address of the Property) Total Value of Consideration (Property Value)
3. If Buyer files 26QB Correction and “Seller” is known , correction can be submitted through E-Verified (Internet Banking) /AO Approval/DSC (If Buyers DSC is registered) for updating PAN details (Buyer /Seller).
Brief steps for “26QB Correction”

Step 1: Login to TRACES website with your “User ID”, “Password” and the “Verification Code”. Landing page will be displayed on Screen.
Step 2: Select option “ Request for Correction” under “Statements/ Forms” tab to initiate correction request. 26QB checklist will display on next screen. After clicking on “Proceed” Pop-Up window will display (If DSC is not registered).
Step 3: Enter relevant “Assessment Year”, “Acknowledgement Number” and “PAN of Seller” according to filed Form 26QB, then Click on “File Correction” to submit request for correction. Request number will generate after submission of Correction Request. User can check Requested Status in “Track Correction Request” option under “Statements/ Forms” tab.
Step 4: Go to “ Track Correction Request” option under “Statements/ Forms” tab and initiate correction once the status is “Available”. Click on “Available” status to continue.
Step 5: Mention CIN details as per challan paid against 26QB then click on “Proceed” .
Step 6: User can select on “Financial Year and Tax applicable” option to change F.Y in 26QB. After clicking on “Edit” button. Message will pop up on the screen. Click on “Save” to save updated details then click on “Submit Correction Statement”(Select tab accordingly in which user want to do edit details).
Step 7: Screen will display to “Confirm details” after Submission of Correction Statement (Updated details will be highlighted in Yellow Colour).
Step 8: Profile details will be populated as updated on Traces. Click on “Submit Request” to Submit Correction Request.
Step 9: After submission of Correction Request if DSC is not registered user gets the option to validate correction through EVerified (Internet Banking) or AO Approval OR if DSC is registered user gets the option to validate correction through E-Verified (Internet Banking), AO Approval OR DSC.