Procedure for online correction of Form 26QB for TDS on Property

Procedure for online correction of Form 26QB for TDS on Property

Form 26QB is a consolidated form that must file for the deposit of TDS on Property. This form is required to be filed within 30 days from the end of the month in which the payment for the purchase of property has been made.

Earlier, there was no provision for revising Form 26QB filed for TDS on Property. However, with effect from AY 2014-15, the govt has now allowed the Form 26QB to be modified. Moreover, with effect from 29th Feb 2016, the facility for online revision of Form 26QB has also been enabled.

How to file for Form 26QB Correction?

  1. Login on the TRACES Website as a taxpayer
  2. Select option "Online Correction" under the "26QB" tab to initiate a correction request
  3. Update the details which are required to be revised
  4. Select the option to verify the request either through Netbanking/ Digital Signature/AO Approval
  5. The Form would be modified post verification. 
The revision request can only be filed by the Buyer and not by the seller.

How to verify Revision of Form 26QB for TDS on Property

If the seller is known, can submit the request for Correction of Form 26QB for e-verification through Net Banking/ AO Approval/ Digital Signature.

If the Digital Signature is not registered for the Buyer and the seller is not traceable, submit the correction request through the AO Approval option.

If the Digital Signature is not registered for the Buyer and the seller is known, can submit the correction request for e-verification through Netbanking or AO Approval.

In case the request is sent to the AO for Approval, the Jurisdictional AO would be decided based on the Buyer's jurisdiction.

Fields which can be revised in Form 26QB for TDS on Property

S. No.A field which can be changedWith Digital SignatureWithout Digital Signature
1Buyer's PAN
(When Buyer's PAN AAAPA1111A is to be changed to BBBPB1111B		Once the request is raised by the Buyer (AAAPA1111A) with Digital Signature, it would push the same to the seller and the new Buyer (BBBPB1111B). As soon as both of them approve, I will update the pan.Once the Buyer raises a request without a digital signature (AAAPA1111A), push the same to the 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
2Seller's PAN (When Seller's PAN is to be updated from CCCPC1111C to DDDPD1111D)Once the Buyer raises the request with a digital signature, the same will be pushed to the existing Seller (CCCPC1111C) for approval. As soon as they approve the same, I will update the pan.Once the Buyer raises the request without a digital signature, it will push the same to the existing Seller (CCCPC1111C) for approval. As soon as they approve the same, they will send the request to TDS AO for physical verification of the facts and the genuineness of the Buyer and the seller. TDS AO, if satisfied, can then approve the same.
3Buyer's AddressAuto ApprovalAuto Approval
4Seller's AddressAuto ApprovalAuto Approval
5Property Details (Including Property Value)

 

Auto ApprovalAuto Approval
6Amount Paid/Credited -Amount Payable to the Transferor/SellerAuto ApprovalOnce the Buyer raises the request without a digital signature, will send the same to TDS AO to verify the amount and the genuineness of the Buyer. TDS AO, if satisfied, can then approve the same from his inbox.
7Date of Payment to the SellerAuto ApprovalOnce the Buyer raises the request without a digital signature, will send the same to TDS AO to verify the date and the genuineness of the Buyer. TDS AO, if satisfied, can then approve the same from his inbox.
8Date of Tax DeductionAuto ApprovalOnce the Buyer raises the request without a digital signature, will send the same to TDS AO to verify the date and the genuineness of the Buyer. TDS AO, if satisfied, can then approve the same from his inbox.


In all cases where the approval of the AO is required, the Buyer would be required to approach the AO with the hard copy of the correction request. The Buyer should carry his identity proof & PAN Card and the documents related to the purchase of property and warranties of Payment made for verification by the AO.

Status of Form 26QB Correction

The status of revision of Form 26QB for TDS on Property would change at various stages of revision. The meaning of the status is mentioned below:-

  • Available: Once the Request for Correction is available, the correction status would be "available."
  • Pending for AO Approval: Once the Correction is submitted and validated, the Correction would be displayed with status as "Pending for AO Approval."
  • Pending for PAN Approval: Status will be pending PAN approval if Correction is submitted for the 2nd party's approval.
  • Submitted to ITD: Status will be forwarded to ITD if the request is approved by AO or the 2nd
  • Processed: Status will be processed if the request gets processed by TDS CPC.
  • Cancelled: Status would be displayed as cancelled if the Buyer compensates the request before approval/processing.

Other Relevant Points

  1. This option is only for Resident buyers and not for Non-Resident Buyers.
  2. After the Form 26QB has been revised, the Buyer would be required to issue a new Form 16B to the seller.
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