ABCAUS Excel Auto TDS Challan cum Statement Form 26QB
As per section 194-IA of Income Tax Act 1961, with effect from 1st June, 2013 (Assessment Year 2014-15) there will be now a tax deduction at source (TDS) on transfer of immovable property other than agricultural land if the sale consideration is Rs. fifty lakhs or more. The prescribed rate of TDS is one percent.
The important points to be kept in mind are:
1. The buyer/transferee is responsible for deducting tax at source (TDS)
2. Tax Deduction Account Number (TAN) is not required to be obtained by the buyer/transferee as required in the case of other deductees under section 203A of Income Tax Act, 1961.
3. If the seller/transferor's Permanent Account Number (PAN) is not available then the applicable rate of TDS would be 20% in place of 1% under the provisions of section 206AA of Income tax Act, 1961.
The TDS to be deposited shall be accompanied by a challan cum statement in the form 26QB . Mode of payment can be:
1. Simultaneous, or 2. E-Tax payment on a subsequent date.
Certificate of Deduction of Tax shall be issued in Form 16B within 15 days after deposit of tax by furnishing TDS challan (Form 26QB).
The TDS Certificate in Form 16B shall be downloaded from income tax website and shall not be issued manually.
ABCAUS excel based TDS Challan cum Statement Form 26QB is fully automatic, simple and is with built in wrong PAN Structure check,. For instant reference the text of the relevant Notification and the text of the section 194IA has also been provided in popup forms.
To use this utility Macro should be enabled in excel. Those who are not aware of how to enable macros can download a help file on how to enable macros here.
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