Second Time Correction in 26QB Form is now available for Taxpayers on TRACES

Second Time Correction on critical fields in 26QB Form is now available for Taxpayers on TRACES with respect to tax deducted at source on transfer of Immovable Property exceeding Rs. 50 Lakhs under section 194IA of the Income Tax Act, 1961.

Important information on 26QB Correction

• Buyers registered on TRACES only can avail the facility of “26QB correction” under “26QB ” Menu after login.

• Request for 26QB correction can be raised from Assessment Year 2014-15 onwards

• If Buyer files 26QB correction and seller is Known , correction can be submitted through e-Verify (Net Banking) /AO Approval / DSC (If Buyers DSC is registered) for updating PAN details (Buyer Seller)

• If Digital Signature is not registered for Buyer and Seller is non Traceable , the correction request can be submitted through AO Approval option for updating PAN details (Buyer/ Seller)

• If Digital Signature is not registered for Buyer and Seller is known , the correction request can be submitted through e-Verify (Net Banking) /AO Approval option for updating PAN details (Buyer Seller)

• If PAN of Seller requires to be updated, the correction request will require previous Seller ‘s approval if Seller is known otherwise Buyer can opt for AO approval

• If PAN of Buyer requires to be updated, the correction request will require Seller’s and intended (New) Buyer approval. If Seller is known otherwise Buyer can opt for AO approval

• If both PAN of Seller and of Buyer are to be updated, the correction request will require previous Seller ‘s and updated Buyer’s approval from previous. If Seller is known otherwise Buyer can opt for AO approval

• Jurisdictional AO will be decided based on Buyer’s PAN’s (PAN submitting the correction) jurisdiction • Buyer should be registered with DSC as well as DSC should be installed in the system while submitting the request.

Brief Steps for 26QB Correction

• Step 1 : Login on TRACES as a taxpayer with registered User ID and Password

• Step 2: Select option “ online correction” under “26QB” tab to initiate correction request.

• Step 3: Select Appropriate Assessment year, Sellers PAN number and Acknowledgement number of the 26QB for which request of correction is to be placed.

• Step 4: Go to “ Track Correction Request” under “26QB” and initiate correction once the status is “ Available” for the request placed for the correction in step no. 3.

• Step 5: After submitting the correction, an correction ID will be generated through which status of correction can be tracked.

• Step 6: If DSC is not registered ,furnish hard copy of acknowledgement of form 26QB correction his Identity Proof, PAN Card, the documents related to Transfer of Property and the proofs of payment made, to Jurisdictional AO for verification

OR

With “E-Verification (Net Banking) Service” user can submit 26 QB Correction statement without approval from Assessing Officer and Digital Signature Certificate registration at TRACES website as Taxpayer. (This option is not available for NRI Taxpayers )

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3 Comments

  1. Pavan April 30, 2018
  2. Shreyash March 3, 2018
  3. chetan September 7, 2017

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