TDS is levied on the sale of immobile property when the sales valuation exceeds Rs 50 lacs, according to Section 194-IA of the Income Tax Act 1961. The challan cum declaration of the tax deduction is Form 26QB.
Within 30 days after the completion of the month in which TDS is deducted, TDS must be submitted along with a completed Form 26QB. Within 15 days of the due date of the challan cum statement in Form 26QB, the person deducting TDS must provide Form 16B to the payee.
Form 26QB is a payout cum challan format used to submit the government Tax Deducted at Source (TDS) for deduction issued under Section 194-IA of the Income Tax Act of 1961. This provision of the Act concerns exclusively with sales of intangible assets, as well as the relevant TDS, together with Form 26QB, must be delivered within 30 days after the end of the month in which TDS was taken. For example, if the transactions happened on March 14th, Form 26QB should be completed by April 30th.