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Please Help: Form 26QB

Posted Date : 22-Apr-2016 , 12:27:04 pm | Posted By: Sonam Goel

Category : Income Tax | Answers : 0| Comments : 0| Hits: 174

The Assessee purchased property in joint name with his spouse for sale consideration of Rs. 55.00 lacs and sellers were also two persons jointly. TDS Liability u/s 194 IA (Rs. 55000/-) was paid. But assessee, inadvertently, deposited TDS amount with details of one seller only. Technically speaking, 26QB will be required with details of both sellers and both buyers, resulting in more than one challan/ return. Department has issued a notice in the matter that one of buyer has not furnished details as to Form 26QB and it will attract penal provisions. There are no such cases as to answer this issue. There is no loss to revenue. Should we approach jurisdictional assessing office for correction or some other measures are available under four corners of law.

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