As per section 194IA of the Income Tax Act, buyer is required to deduct tax at source @1% of the amount paid/credited to the seller. Therefore, after processing of 26QB statements, the information will appear in 26AS of buyer & Seller in the following manner:-
Scenario 1
If Buyer has deducted & deposited Rs.50,000/- on payment of Rs.50,00,000/-.
Seller: TDS Credit is reflected in Part A2 of the seller to the extent of 1% of amount paid/credited. This credit is available for claim in ITR by the seller.
Buyer: Total tax deposited by buyer is shown in Part F of 26AS of Buyer for information. Part F information is not available for Claim in ITR of buyer.
Scenario 2: If Buyer has deducted & deposited Rs.60,000/- on payment of Rs.50,00,000/-.
Seller: TDS Credit is reflected in Part A2 of the seller to the extent of 1% of amount paid/credited. This credit is available for claim in ITR by the seller.
Buyer: (ii)Total tax deposited by buyer is shown in Part F of 26AS of Buyer for information. Part F information is not available for Claim in ITR of buyer.
Note: This is only for Information Purpose.
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One reply on “CPC (TDS) Advisory for Tax Credits in 26AS with respect to Tax Deducted on Sale of Immovable Property (26QB Statement)”
Hi,
Scenario 2 is applicable in my case. I was looking for the solution for this but i didn’t find anything. You have described in a very good manner. Please let me know How to claim excess amount?