The shocking facts about 26QB challan correction
In the Income Tax Department, one of the most frequently asked questions is regarding 26QB challan correction procedure. It may come as a real shock to you that the readers who have not called Income Tax Department were not able to get any proper reply regarding this correction procedure. There is immense confusion about the 26QB challan correction and before we delve deep into the important factors it is essential to fill correct details in Challan. And this challan needs to be filled by the buyer.
The 26QB challan form is actually a seller deductee in which case the seller is supposed to pay 1% TDS more if the value of a property is Rs 50 lakh and above. Now that you know what 26QB form Challan is, here are the following factors you need to remember regarding correction process of 26QB challan form.
Banks cannot correct 26QB challan
The Banks DO NOT have right for 26QB challan correction. Know that form 26QB is actually an online challan and even though the banks have certain mechanism known as RT 18 for correcting Challan. But being an online challan, it cannot be corrected through RT 18 and for simplifying the process; Income tax department can establish procedures to change challan correction through banks. It will be really helpful for common people.
Misconception with assessing officers
Another important mistake that a lot of people make is looking for assessing officers for 26QB challan correction. This cannot be exactly said to be a mistake for common people because, it is quite surprising why accessing officers are not allowed for making challan correction. It would make the complete process more convenient.
A few more relevant factors
A buyer can only correct certain sections of 26QB challan, thus you need to know there are only certain fields where correction is possible and not beyond that. Another tricky factor is you shall require NOC from seller within an affidavit in original. Finally, how shall you come to know whether correction has been done or not? If the correction has been approved by IT department it shall reflect in 26AS form of seller.
In simple terms, buyers shall not be able to know and thus you can request to seller for checking form 26AS for corrections. While considering an under construction property, check the Total Value of Construction or else there can be major mistakes because a lot of times builders assume certain details on their own and fill up the form 26QB. If the complete process is made online, it can become more convenient for common people to deal with this process of correction.