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.
Steps to view Form 26QB Default Summary
- Log in to TRACES
- Navigate to default summary
Go to Statements / Forms > View Default Summary
- Form 26QB
Select Form Type – 26QB to view ‘Default Summary’
- Enter the required details
Select the ‘Assessment Year’ from the drop-down list. Enter ‘Acknowledgement Number‘ and ‘PAN of Seller‘. Click on ‘Proceed‘
- Default summary
You can view the ‘Default Summary‘ for the selected Acknowledgement Number
FAQs
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
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.
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.
Hey @HarishMehta
Taxpayers or deductee cannot directly download form 16/form16A, the option to download Form 16/ 16A has been given to the Deductor. So, if you need Form 16 / 16A for TDS deducted by your current or previous employer or deductor you will have to contact them for the same. There is no option available on TRACES whereby you can download it yourself.
Hope this helps!
Hey @Dia_malhotra
Yes, individuals can still register as a taxpayer on TRACES even if they do not have TAN of the deductor by providing:
• Assessment Year
• Challan Serial Number and
• Amount of tax you have paid
Hope this helps!
In my Justification Report it shows an interest payable error whereas I’ve already paid the interest for that particular month According to the regulations what could be the reason for this?
Hi @saad,
According to regulations, interest payment default/errors may arise due to error in challan details , short deduction, short payment, late deposit of TDS amount. Here, you can file correction statement and revise the return.
Hope this helps!
@AkashJhaveri @Saad_C @Kaushal_Soni @Divya_Singhvi @Laxmi_Navlani can you help with this?
Hey @raopreetham, the first thing I would recommend you to do is to run the Emsigner as an administrator. Also, if it still does not seem to work, install the below mentioned JAVA fixer software and run it as an administrator and hopefully this would resolve your issue.
https://johann.loefflmann.net/downloads/jarfix.exe
The USB e-pass 2003 token device is particular type of a DSC.
hello, i want to cancel the TDS on sale of property (26QB) which i created in hurry. i have made login and tried the TRACES refund option. But the total amount of TDS is “Consumed” and Max refund amount is zero.
What is my option now? TDS was paid on 16th Oct ( 6 days back). Hoping for a solution on this.
Hi @nisshant
26QB is the challan cum return statement. As soon as you file the form, TDS amount paid by you gets utilized. There are few corrections that are allowed in form 26QB. You can refer to the article below. You cannot get the refund of the taxes paid through an online method. You can contact concerned Assessing Officer (AO) of the Income Tax Department (ITD).
You can also contact Aaykar Sampark Kendra (ASK) on Toll Free No. 1800-180-1961 to ask for help.
Hope this helps!
Hi,
I had raised a form26-QB correction request, but since the correction request also had some errors, I requested the AO officer to cancel the correction request.
Now as the old request has been closed, I would like to file a new correction request. Can I register DSC and file this new request for auto approval?