Use the rules for the transaction date
Older records and office checklists may refer to section 194-IA and Form 26QB. Current Income Tax Department guidance describes the Income-tax Act, 2025 framework and Form 141. Schedule B covers applicable purchases of immovable property from resident sellers.
Keep legacy records intact and ask your tax adviser to confirm the applicable section, rate, form and certificate for each transaction. Do not relabel old filings or assume that a familiar form name applies indefinitely.
A deduction is not money in your bank
If a buyer withholds tax from an installment, the bank transfer and the tax-credit component need separate records. Treating both as bank cash overstates collections. Ignoring the credit can make the buyer appear short even when the payment and deduction together settle the amount.
Record the buyer, booking, deduction date and amount, together with the evidence needed to review the credit. Keep a follow-up state for missing documentation rather than assuming an expected credit has already been verified.
Use a monthly review queue
- Match the demand, receipt and withheld component.
- Identify deductions awaiting supporting evidence.
- Check that cash reports include only the appropriate bank amounts.
- Refer rate, applicability and filing questions to the tax adviser.
What NirmaanOne supports
The product separates receipt components, applies dated property-TDS rules and maintains credit-tracking records. Legacy Form 16B tracking is included in the product brief. Generation or filing of statutory tax forms is not claimed on this website.
In your demo, ask the team to show the current configuration and document workflow for your transaction dates. This guide explains the recordkeeping distinction; it is not a tax-filing instruction.
Primary sources
Checked for this guide on 15 October 2026. Refer to the current official material and your advisers for your project.
Income Tax Department: Form 141 FAQsIncome Tax Department: payment transition FAQs