my client purchased property
at a cost of 70 lakhs.
while making TDS payment he
wrongly selected major head 020 corporation tax instead of 021 income tax.
but correctly entered TDS on sale of property minor head 800.
what are consequences
he purchased from a pvt. limited company
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Property purchased above 50 lakhs
Replies (2)
Tds is there.
Wrong major head in a 26QB challan:
• If the 194-IA TDS was paid via 26QB but with the wrong major head (e.g. 0021 "Income tax other than companies" vs 0020 "Corporation tax"), the 26QB-linked challan is processed by TRACES using the 26QB data. The major head is usually determined by the seller type.
• For individual sellers, 0021 is correct. If you selected 0020, request a challan correction through the AO (TDS), or via TRACES 26QB correction (some fields).
• The seller's 26AS credit depends on correct processing. Follow up if not reflected.
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