{"id":54589,"date":"2023-04-06T15:49:05","date_gmt":"2023-04-06T10:19:05","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=54589"},"modified":"2023-04-06T15:49:07","modified_gmt":"2023-04-06T10:19:07","slug":"what-is-form-26-qb","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/what-is-form-26-qb\/","title":{"rendered":"What is Form 26 QB?"},"content":{"rendered":"\n

The taxes that the government levies\non different kinds of income are deductible and may be collected in the places\nwhere they are appropriate to do so. TDS, which stands for Tax Deduction at\nSource, and TCS, which stands for Tax Collection at Source, are the terms used\nto describe this. According to Section 194 IA of the Income Tax Act, TDS and\nTCS must be paid when money is received from the sale of immovable real estate,\nsuch as land (other than agricultural land) and buildings. If an immovable\nasset is sold for more than Rs 50 lakhs, the seller is required to pay the\ngovernment an income tax equal to one percent of the entire transaction price. The\nbuyer of the property will deduct and collect this tax as TDS and will then pay\nit to the government on behalf of the seller. The buyer is required to submit\nForm 26 QB together with their statement of returns for the TDS payment to the\nIncome Tax Department after a period of thirty days from the date on which the\nbuyer deducted the TDS. Scroll down to check more information regarding Form 26\nQB.<\/p>\n\n\n\n

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