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TMI BlogCorrection of statement cum challan relating to TDS on sale of property u/s 194IA of the IT Act Withdrawal of Standard Operating Procedure (SOP)X X X X Extracts X X X X X X X X Extracts X X X X ..... ed 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of the online functionality being made available, the SOP dated 20/04/15 for correction in form 26QB challan is being withdrawn with immediate effect.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 CIT(CO) Admn. Sir /Madam, Sub: Correction of statement cum challan relating to TDS on sale of property u/s 194IA of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 Seller's PAN is to be updated from CCCPC1111C to DDDPD1111D ) Once request is raised by Buyer with digital signature the same will be pushed to the existing Seller (CCCPC1111C) for approval. As soon as he/she approves the same, the PAN will be updated. Once request i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. 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 the case may be. 4. A copy of Frequently Asked Questions is enclosed herewith for your kind perusal. Yours Faithfully (SATPAL GULATI) Commissioner of Income Tax CPC-TDS, Vaishali. TDS Centralized Processing Cell TRACES TDS Reconciliation Analysis and Correction Enabling System FORM 26QB CORRECTION - ACKNOWLEDGEMENT Correction ID: 2700 Date of Request: 02-Mar-2016 ACKNOWLEDGMENI NUMBER OF 26QB FINANCIAL YEAR ASSFSM ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 is charged @ 1% per month from date of transaction to date of tax deduction. Late Deduction Interest Computation u/s 200A read with Sec 201(1A) Sr. No. Date of Payment/credit as per 26QB (dd-mmm-yyyy) Due Date of Deduction (dd-mm-yyyy) Date of Deduction as Per 26QB (dd-mm-yyyy) TDS Deductible (1% Amount Paid/credited as per 26QB) Rs. Period of Delay in Months (Col 4- Col 3) Interest on Late Deduction U/S 201 (IA) (Rs.) (Col 5* - Col 6)* 1% 1 2 3 4 5 6 7 1 27-Feb-14 27-Feb-14 10-Mar-14 6620 2 132 Due date of deduction will be date of payment/credit whichever is earlier. 3b) Interest on Short Deduction Short deduction interest is calculated @ 1% per month on Part of the month from the date on which tax was deductible to the date of the processing of statement. Please note that interest on Short Deduction is provisional in nature. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uyer makes correction using Digital Signature Certificate (DSC), then there is no need of TDS assessing officer (AO)'s approval for making correction in any field of 26QB form. But, if the buyer doesn t make correction using Digital Signature Certificate (DSC), then following field in 26QB online correction require approval of their TAN assessing officer (AO) : 1. PAN of Buyer Details 2. PAN of Seller Details 3. Amount Paid/Credited Amount payable to the Transferor /Seller 4. Date of Payment/Credit ((Date of Payment to the Transferor/Seller). Note that the buyer will have to change the Financial year as well as well if the changed Date of Payment/Credit lies outside the earlier financial year. 5. Date of Tax Deduction If the buyer wants to change the PAN of buyer but doesn't make correction using DSC, then after the successful submission of correction request, an approval request will be automatically sent simultaneously to both, PAN of Seller and Updated PAN of Buyer and status will be shown as Pending for PAN approval in the inbox of buyer. After getting their approval, an approval request will be automatically sent to the TDS assessing officer and status will be shown as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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