TDS on Unconstructed Property

• Total Value of Consideration (Property Value):

  • 
    Without GST: The value you mention in Form 26QB should be the property value excluding GST.

• Total Amount Paid/Credited in Previous Installments:

  • 
    Without GST: You should mention the amount excluding GST. In your case, it would be ₹52,90,027, not ₹55,54,528.

• Total Amount Paid/Credited Currently:

  • 
    Without GST: Similar to previous installments, this should be the amount excluding GST.

• Total Stamp Duty Value of the Property:

  • If this is not your final installment, you should still provide the current stamp duty value as applicable at the time of filling out the form. This value usually doesn't change with installments, but consult your property agreement or legal advisor if unsure.

• Amount on which TDS is to be Deducted:

  • 
    Without GST: TDS should be calculated on the property value excluding GST. So, in your example, TDS is deducted on ₹52,90,027, not on the total including GST.

1. Without GST

2. Yes TDS is Rs.52,900. Should be Rs.52,90,027

3. Without GST

4. Required at the time of last installment. SDV is value on which stamp duty is paid/payable. In your case, assuming sale consideration is more than the guidance vale/circle rate of the property then the amount of sale consideration would be the SDV

5. Without GST

In respect to Form 26QB correction

1. Only previous installments

2. Rs.13,22,507

3. Rs.13,22,507

For detailed discussion and assistance for correction of Form 26QB, you may opt for phone consultation

To correct your TDS filing issue on Form 26QB, here's what you should do:

1. Total Amount Paid/Credited in Previous Installments:

   • This should only include the previous installment amount excluding GST. Since you are correcting a previous mistake, do not include the current installment in this field.

2. Total Amount Paid/Credited Currently:

   • If you are only correcting the previous mistake and not making any new payment, this field should reflect the correct amount of ₹13,22,507.

3. Amount on which TDS is to be Deducted:

   • Yes, this is where you need to correctly mention ₹13,22,507. This was the correct amount on which 1% TDS should have been calculated.

Steps to Correct the TDS Filing:

1. Major Head Correction:

   • Ensure that the major head code is 0021 (Income Tax), not 0020 (Corporation Tax). This is crucial for correctly processing your TDS under the correct tax type.

2. TDS Amount Correction:

   • Mention the correct amount of ₹13,22,507 as the amount on which TDS should be deducted, and ensure the TDS amount is ₹13,225.

Best regards,

For detailed, personalized advice, consider a phone consultancy.

Hope you find the information helpful. You are free to contact me for further discussion.If you could spare two minutes of your time to write a review, It would be really grateful and very happy to read it.

Thank you.

Shubham Goyal