Tds amount on property over payed by mistake

TDS 433 views 6 replies

saparabia

25 Points Posted on 19 April 2016

Instead of paying Rs 1500/- as due TDS amount for the last installment on property Rs 150,000/- was entered and paid by mistake .This was done using form 26B available for submission online. There are no further payments to pay or adjust as this was the last payment due for which TDS was paid.Please advise how can one get back the extra money that Iwas paid by mistake.

Replies (6)

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 19 April 2016

i cant think of any probable solution except to visit your AO for refund of tds. and deposit the correct amt. of tds

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 19 April 2016

however there is also an online mechanism for correction of tds on sale of properties. you can login to tdscpc.gov.in and check if there is an option to correct amt. paid.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 20 April 2016

@ efiler... i had thought of this situation, but then if we dont inform of the mistake to i.t.dept. then AO will calculate value of land according to tds deducted which will lead to various litigation issues for assessee. assessee will have to go through the whole process and prove the actual sale value.
therefore, instead of getting it refund from builder, it would be better to claim refund from i.t.dept.

saparabia

25 Points Posted on 20 April 2016

Originally posted by : Tribhuvan Aditya Singh
	@ efiler... i had thought of this situation, but then if we dont inform of the mistake to i.t.dept. then AO will calculate value of land according to tds deducted which will lead to various litigation issues for assessee. assessee will have to go through the whole process and prove the actual sale value.therefore, instead of getting it refund from builder, it would be better to claim refund from i.t.dept.

Thanks Tribhuvan and all members in the forum for coming to help, I could'nt locate any online mechanism for correction of tds on sale of properties in tdscpc.gov.in. I live and work abroad and use NRI https://nriservices.tdscpc.gov.in/ and not the other one mentioned by you. Note I had entered the right amount i.e Rs 1500 in Form 26 but while paying through bank gateway i actually entered and payed 1.5L before i could realise the mistake.

Tribhuvan Aditya Singh

Student as well as Self-employed

3710 Points Posted on 20 April 2016

i cant say about the nri portal of tdscpc but our portal displays on the homepage itself that online correction facility is enabled for form 26qb. the only solution is by way of refund. i will suggest that hire a professional in india or ask your relative to visit your AO and talk about this matter for a solution.

Shailendra

Consultant

36 Points Posted on 25 April 2016

Doesnt matter that you are an NRI, use the portal mentioned above, register as a new Taxpayer user by using details of your last challan paid and PAN. Then you will see the correction link. You will need a DSC on usb token to submit the correction fully online. Otherwise someone will have to visit your AO to complete the process.

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Tds amount on property over payed by mistake

saparabia

Tribhuvan Aditya Singh

Tribhuvan Aditya Singh

Tribhuvan Aditya Singh

saparabia

Tribhuvan Aditya Singh

Shailendra

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