Table of Contents
What is Form 26 QC?
What details can be corrected in form 26 QC?
- Details of the tenant (Name, address, and PAN)
- PAN details of the landlord / lessor (Name, address, and PAN)
- Date of rent payment received
- Date of TDS deducted
- Amount paid as TDS
- Details of the Property let out (Type of property and its address)
- Rental charges to be paid every month
- Rental charges paid in the previous month
What are the conditions to make corrections in form 26 QC?
- Your correction request can only be submitted if form 26 QC has been processed.
- Your request needs to be verified before submission for which 3 different options are available, through DSC, by obtaining the approval of the jurisdictional Assessing Officer, or by internet banking.
- If the DSC of the tenant is registered on TRACES, and the landlord is known, the tenant can opt for any of the above mentioned options.
- However, if the DSC of the tenant is not registered on TRACES, and the landlord is also unknown, the tenant has no choice but to opt for approval of the Assessing Officer.
- If the Digital Signature is not registered but the landlord is known, the tenant can either opt for verification through internet banking, or obtaining the approval of the Assessing Officer.
- If details related to the property (its address and name), tenant’s address, and the landlord’s address are to be corrected, the same can be verified or auto approved by the DSC of the tenant and landlord, irrespective of whether their DSCs are registered or unregistered.
- If the DSC of the tenant is not registered, and the correction request has been filed for details like the rent amount, date of payment of rent amount, and the date and amount of tax deduction, the request will be verified with the Assessing Officer’s approval only.
Steps for Form 26QC Correction on TRACES using Netbanking
How to check the status of the Correction Request made?
- Go to ‘Statements and Forms’
- Choose the ‘Track Correction Request’ from the dropdown.
- Enter the Request Number or Date of submission of request to view your request. If you are unable to recall them, you can click on “View All” and then fetch your request from the list of all correction requests that appear on the screen.
- Pending for PAN Approval – Is shown when the Correction Statement is submitted for approval of the tenant or landlord of the property.
- Pending for AO Approval – When the Correction Statement is pending for approval from the Assessing Officer, this appears as its status Users can check AO details in the column ‘Assessing Officer Details’.
- Submitted to ITD – Appears if the Correction Statement has been approved by AO, tenant or landlord and has now been submitted to the Income Tax Department.
- Processed – When the Correction Statement is processed by TDS CPC, “Processed” appears as the status.
- Cancelled – If the Correction Statement is cancelled by Tenant, then “cancelled” appears as the status.
- Rejected – Appears when the Correction Statement is rejected by Tenant, Landlord, AO or TDS-CPC.