TRACES : Download Form 26QB Default Summary

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Sakshi Shah

Form 26QB
TDS
TRACES
TRACES Login

TRACES means TDS Reconciliation Analysis and Correction Enabling System. It is the online portal for administration and implementation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). When there is a sale of immovable property, the buyer makes payment to the seller after deducting TDS u/s 194IA. The buyer files Form 26QB and issues Form 16B to the seller. The TDS Return i.e. Form 26QB is processed by CPC-TDS. If there are any defaults or errors, the taxpayer i.e. buyer of property can view the summary under the option ‘Form 26QB – Default Summary’ in the TRACES account. For detailed information on the defaults or errors and file a Correction Statement, the taxpayer should download ‘Form 26QB – Justification Report’ from the TRACES account. Once the taxpayer views the errors, he/she should file a correction TDS return to rectify the same.

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Steps to view Form 26QB Default Summary

  1. Log in to TRACES

    Log in to TRACES – Enter User Id, Password, PAN and captchaTRACES - Login Page for Taxpayers

  2. Navigate to default summary

    Go to Statements / Forms > View Default SummaryTRACES - Form 26QC Default Summary - Navigate

  3. Form 26QB

    Select Form Type – 26QB to view ‘Default Summary’TRACES - Form 26QB Default Summary - Select Form Type

  4. Enter the required details

    Select the ‘Assessment Year’ from the drop-down list. Enter ‘Acknowledgement Number‘ and ‘PAN of Seller‘. Click on ‘ProceedTRACES - Form 26QB Default Summary - Enter Assessment Year, Acknowledgement Number and PAN of Seller

  5. Default summary

    You can view the ‘Default Summary‘ for the selected Acknowledgement Number

FAQs

Can I file Correction TDS Return on the basis of ‘Default Summary’ available on TRACES?

Yes, you can make an online correction on the basis of the default summary. However, it is advisable to download the updated Justification Report from TRACES. Justification Report provides detailed information about the defaults/errors that needs to be rectified by filing a Correction TDS Return

What is section 194IA?

As per section 194IA, any transaction on or after 1st June 2013, where any buyer buys an immovable property (other than agricultural land) costing INR 50 lakhs or more, he/she needs to deduct tax at a rate of 1% on the purchase price.

What is Form 16B?

It is similar to form 16/ 16A issued by the employer/ deductor to employees/ deductees. But Form 16B is issued by the buyer showing details of tax deducted and deposited on property consideration paid to the seller of property.

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