Purchasing a property is a significant milestone, but it comes with legal responsibilities like paying Tax Deducted at Source (TDS). To fulfill this obligation, buyers are required to submit Form 26QB, a government-mandated declaration for TDS deduction and deposit. Understanding how to fill and submit this form properly is crucial to avoid penalties while ensuring compliance with tax regulations.
What Is Form 26QB?
Form 26QB is a challan-cum-statement used for declaring and paying 1% TDS on property purchases valued above ₹50 lakh, as specified under Section 194-IA of the Income Tax Act. The buyer must deduct this TDS before making the payment to the seller and remit it through the government portal using Form 26QB.
Steps to Fill and Submit Form 26QB
1. Visit the Official Portal: Go to the Income Tax Department's TIN-NSDL website.
2. Select Payment Option: Navigate to ‘TDS on property’ and choose the ‘Form 26QB’ link.
3. Enter Details: Fill in the buyer's and seller's PAN details, property value, and TDS amount.
4. Make the Payment: After verifying the information, proceed to pay the TDS via online banking.
5. Download Acknowledgment Slip: Ensure you download the acknowledgment slip and Form 16B for records.
Benefits of a Home Loan
Financing your property purchase through a home loan can ease your financial stress by breaking down the cost into manageable EMIs. Bajaj Finserv simplifies the process with flexible repayment tenures and competitive interest rates, making homeownership accessible. Additionally, borrowers enjoy tax benefits under Sections 80C and 24(b) of the Income Tax Act on principal and interest repayment, respectively.
How to Apply for a Home Loan
You can conveniently apply for a home loan through Bajaj Finserv's user-friendly online platform:
1. Visit Bajaj Finserv home loan.
2. Fill the Application: Enter details like income, property value, and loan tenure.
3. Submit Documents: Upload your KYC, income proof, and property documents.
4. Get Approval: Stay updated on your application progress online.
By combining the benefits of a home loan with proper submission of Form 26QB, you can streamline your property purchase and financial planning effectively.
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