Form 26qb online payment

1 / 8 ​1% withholding tax The purchaser of an immovable property (whether built up or under construction) of value Rs 50 lakh or more has the responsibility under the Income-Tax Act, 1961, to pay withholding tax of 1% from the sale consideration payable to the seller of the property. This withholding tax must be deducted at source and deposited in the government’s account. 8 / 8 ​Points to note • If the property transaction has more than one party as a buyer or seller, Form 26QB needs to be filled by each buyer for unique buyer-seller combination. • If the buyer faces any problem when filling the online form, he may contact the TIN Call Center at 020-27218080 or email at [email protected] • The seller must verify deposit of taxes deducted by the Purchaser in Form 26AS Annual Tax Statement. The buyer must • The buyer must not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For rectification, he/she will have to contact the tax department. (This content is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta)