CPC-TDS enables Correction of 26QB (statement cum challan relating to TDS on sale of property u/s 194IA of Income Tax)
Form 26QB is an online statement- cum-challan to be filled and submitted by the buyer of the property for making TDS payment on sale of property under S. 194IA of Income Tax. It contains details of buyer, seller, property being sold, sale consideration, tax deposit details etc. Being an internet challan, no correction can be made by the bank branches through the existing RT18 mechanism. Keeping in view various representations received, IT Deptt was processing the requests of change in form 26QB, on case to case basis, as per defined rules, till such time that an alternative online approach was finalised.
Now, since CPC-TDS has enabled functionality for online correction in form 26QB from 29/02/2016, the facility for offline correction in form 26QB challan has been withdrawn by the Deptt w.e.f. 22nd March 2016.