No TAN Only PAN for TDS on Purchase of Immovable Property w.e.f. 01 Jun. 2013.

Any person purchasing immovable property (other than rural agricultural land) of Rs. 50 Lac or more is required to deduct Tax @ 1% from the payment made to seller.

Deduct TDS

• Deduct Tax @ 1% from the payment made to the seller.
• Collect the PAN of the seller and verify the same with the origional PAN Card.

Online filing of statement at www.tin-nsdl.com.

• It is mandatory to furnish the PAN of the seller as well as the purchaser while providing the information regarding the sale transaction in the online form (Form No. 26QB)
• Please ansure that there is no error in quoting the PAN or other details in filing online Frm 26QB.

Depositing the tax deducted

• Deposit the tax deducted through e-payment only, either at the time of filing of Form 26QB or subsequent to it. e-Payment can be made using electronic payment facility at any aforesaid bank, including self not banking facility.
• In case, the payment of tax deducted is make subsequent to the file of Form 26QB, pay tax online electroic payment facility at any aforesaid bank within 7 days after online filing of statement at www.tin-nsdl.com
• It' there is a delay beyoind 7 days in payment of tax, statement filed online whould be treated as "Invialid". In that case, Form 26QB, will need to tbe filing again.

Issue of TDS Certificate

• Download TDS Certificate from TRACES (www.traces.gov.in).
• Buyer of immovable property can download Form 16B after registering on TRACES as Tax Payer.

Responsibility of the Seller of the Immovable Property.

• Provide your PAN to the Purchaser for furing information regarding TDS to the Income Tax Department.
• Verify deposit of Taxes deducted by the Purchaser in your Form 26AS Annual Tax Statement.

TAN no required

• TAN of the deductor is not required for the payment and importing of the TAX deducted under this section and PAN alloted to the deductor shall be used for payment and importing the TDS made under this section.