Form 26QB Filing In Vasai

Overview

Welcome to CA Ashwinee Joshi & Associates, a reputable Chartered Accountant firm led by the expertise of Chartered Accountants CA Prashant Joshi and CA Ashwinee Joshi. Established in 2015, our firm has garnered recognition for excellence in various financial services, including Audit & Assurances, Tax and Regulatory Compliance, Transaction Advisory, and Consulting.

About CA Prashant Joshi and CA Ashwinee Joshi

With a collective experience of over two decades, CA Prashant Joshi and CA Ashwinee Joshi are the driving force behind our firm’s success. Their visionary leadership and commitment to upholding the highest professional standards have established us as a trusted partner in the financial success of our clients.

Understanding Form 26QB

Form 26QB is a crucial document for individuals involved in property transactions, especially in locations like Vasai. It pertains to the TDS (Tax Deducted at Source) on the sale of property and is filed under Section 194-IA of the Income Tax Act, 1961. Our team at CA Ashwinee Joshi & Associates understands the nuances of Form 26QB filing and can assist you in navigating through the process seamlessly.

Key Components of Form 26QB

Seller and Buyer Details: The form requires detailed information about both the seller and the buyer involved in the property transaction. This includes their PAN (Permanent Account Number), Aadhaar number (if applicable), and contact details.
Property Details: Comprehensive details about the property being transacted, such as address, property type, area, and consideration amount, are to be provided.
Transaction Details: Information regarding the date of agreement/booking, date of payment, and the amount paid/credited for the property transaction must be accurately furnished.
TDS Calculation and Payment: Form 26QB involves the calculation and deduction of TDS on the sale of property. The TDS rate is 1% of the consideration amount. The buyer is responsible for deducting TDS and remitting it to the government within the stipulated time frame.
Filing and Submission: Once all the requisite information is filled in, Form 26QB needs to be submitted online on the official NSDL website. A confirmation receipt with a unique acknowledgment number is generated upon successful submission.

FAQs

Q.1: What is Form 26QB?
Ans. Form 26QB is a document required for the filing of TDS (Tax Deducted at Source) on the sale of property, as per Section 194-IA of the Income Tax Act, 1961. It applies to transactions involving the sale of immovable property exceeding Rs. 50 lakhs in value.

Q.2: Who needs to file Form 26QB?
Ans. Form 26QB must be filed by the buyer of the property, who is responsible for deducting TDS on the consideration amount paid to the seller. This applies to both resident and non-resident sellers.

Q.3: How can CA Ashwinee Joshi & Associates assist with Form 26QB filing?
Ans. CA Ashwinee Joshi & Associates provides expert guidance and assistance in navigating through the complexities of Form 26QB filing. Our team ensures timely compliance, accuracy, and personalized support to streamline the filing process for our clients in Vasai and beyond.