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Efficient Ways to Pay TDS on Property Online

· property tax,TDS on property

The Income Tax department simplified the process of paying TDS on property with the introduction of e-payment facility. Nonetheless, there are some conditions that have to be met to proceed with the payment -

  • A financial institution should be authorised by NSDL-TIN. You can check their website for a list of approved financial organisations.

  • Net-banking features must be activated in order to make the payment.

After verifying these conditions, you can follow these steps to ensure a hassle-free payment process.

  • It is advised you start by filling up Form 26QB before depositing the required amount. Taxpayers can avail this form from NSDL-TIN’s official website.

  • Keep necessary documents ready, including –

  • PAN details.

  • Address proof of property.

  • Address proof of both buyer and seller.

  • Date of sale agreement.

  • Value of the property.

Filling these details is mandatory before you proceed with the payment. These documents are also required if someday you plan to avail a loan against property.

  • TDS on property should be deducted after confirmation of the payment. Taxpayers also receive a 9-digit alpha-numeric code and a challan upon a successful transaction.

  • The challan contains bank details along with information related to the transaction and a unique CIN. It is advised that you preserve these for future references.

  • Sellers also have to submit Form 16B.

  • It is a buyer’s responsibility to submit the TDS certificate to the seller within 15 days from its due date.

The e-payment facility is known to simplify the process of paying TDS significantly. These steps should help you pay your TDS with relative ease.

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