TaxTMI 
TaxTMI 
Correction of statement cum challan relating to TDS on sale of property u/s 194IA of the IT Act Withdrawal of Standard Operating Procedure (SOP)
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....ved, SOP vide F. No. DIT(S)-2/Form 26QB/100/2015 dtd 20/04/15 was issued for processing the requests of change in form 26QB, on case to case basis, as per defined rules, till such time that an alternative online approach was finalised. Accordingly, the office of the ADGIT(S)-2 has been processing applications requesting for correction in form 26QB. 4. Now, CPC-TDS has enabled functionality for online correction in form 26QB from 29/02/2016. Communication No. CIT/CPC-TDS/15-16 dtd 02/03/2016 on 'Enablement of 26QB correction facility and role of TDS officers' from CPC-TDS is enclosed. 5. In view of the online functionality being made available, the SOP dated 20/04/15 for correction in form 26QB challan is being withdrawn with immediate effect. The field formations and taxpayers may be advised to use the functionality made available by CPC-TDS. Yours faithfully (Sanjeev Singh) Addl. Director General (System)-2 Enclosure : As above DIRECTORATE OF INCOME TAX (SYSTEMS) E-2, GROUND FLOOR, A.R.A. CENTRE, GROUND FLOOR, JHANDEWALAN EXTENSION, NEW DELHI-110055 F.No. DIT(S)-2/Form 26QB/100/2015 Date: 22.03.2016 To, All Principal CCsIT, PCsIT and CI....
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....B has been made available online from 29th of Feb 2016 to the deductors/buyers. Hence, the buyer, whose PAN exists in Form 26QB, can log in to www.tdscpc.gov.in and make the correction request for the following fields. S. No. Field which can be changed With Digital Signature Without Digital Signature 1 Buyer's PAN (When buyer's PAN AAAPA1111A is to be changed to PAN BBBPB1111B) Once request is raised by Buyer with digital Signature (AAAPA1111A), the same will be pushed to the Seller and the new Buyer (BBBPB1111B). As soon as both of them approve the PAN will be updated. Once request is raised by Buyer without digital signature (AAAPA1111A) be pushed to Seller and the new Buyer (BBBPB1111B) for approval. As soon as both of them approve the correction, by logging into TRACES, the ticket will be sent to TDS AO for physical verification of the facts and the genuineness of the buyer. TDS AO, if satisfied, can then approve the same from his inbox. Please note whenever PAN of buyer is updated, the same may impact Major Head and category of PAN. This will be taken care of by the system itself before the request is raised. 2 Seller's PAN (When Se....
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....the TDS AOs (along with the documents uploaded by the deductor at the time of raising the request) for verification and approval/rejection. Hence, TDS AOs should pay due diligence in verification of the facts of the case and the genuineness of the persons involved before approving the ticket, especially when change in ownership or amount is involved. TDS AO may like to ask for the Identity Proof and PAN Card of buyer along with the documents related to Transfer of Property and the proofs of payment made to verify the Amount of Property, Date of Payment, Property Details etc. 3. The aforesaid correction requests will be distributed equally to TDS AOs of the region to which the PAN of the buyer belongs and the same will be available in the form of tickets in their TRACES inbox under Tickets menu. The following procedure may be used to approve/reject these tickets: i. Click on Tickets menu ii. Click on inbox iii. Click on the corresponding Ticket Number iv. Download the attached documents from Communication Details tab v. Click on Action vi. Select 26QB tab to see details of correction vii. Click on Approve/Reject, as t....
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.....10% 1% 92520.00 83268.00 2a) Late Payment Interest: When deductor deposits the TDS after due date of challan deposit, it is a case of late payment and interest will be charged accordingly. Late payment interest will be charged @ 1.5% per month from the date of tax deduction to date of tax deposition. Late Payment Interest Computation u/s 200A read with Sec 201(1A) Sr. No. Date of Deduction as per 26QB (dd-mmm-yyyy) Due Date for TDS Deposit (dd-mmm-yyyy) Date of Deposit as Per OLTAS (Challan) (dd-mmm-yyyy) TDS amount consumed from challan (Rs.) Period of Delay in Months (Col 4 - Col 3) Interest on Late Payment U/S 201 (IA) (Rs.) (Col 5 * Col 6 * 1.5% 1 2 3 4 5 6 7 1 28-Feb-14 7-Mar-14 10-Mar-14 6620 1 99 Due date of TDS deposit will be by 7th of the next month of the month for which transaction is reported. 3a) Late Deduction Interest: When deductor does not deduct the TDS amount on the date of Payment/Credit, then, Interest on Late deduction is computed i.e. if the date of deduction is after the date of payment credit, then the late dedution interest is computed. Late deduction interest....
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....th of the next month or the month for which transaction is reported. Note: l) Interest is chargeable for every month or part of the month on the amount of such tax. 2) A month is considered to be a calendar month as per general clauses act Q 2. How can these defaults be resolved? Is online correction facility for form 26QB available now ? Ans: For the resolution of these defaults, the buyer needs to use the "demand payment" link on the TIN portal through URL- https:/(onlineservices.tin.egovnsdl.com/etaxnew(tdsnontds.isp. For further detailed procedure of demand payment the buyer/deductor may refer to Question No.3. However, if the buyer/deductor finds that the default has arisen due to wrong data entry in his 26QB statement, then the functionality for online correction of Form 26QB is now available to the deductors(buyers). For that the buyer can log in to www.tdscpc.gov.in and make the online correction request in the respective fields. Q 3 Is there any approval required for online correction of 26 QB statement? If yes, the details thereof? Ans: If the buyer makes correction using Digital Signature Certificate (DSC), then there is no need of TDS assessing offi....