Form 29C

Introduction:

Income Tax Form 29C is a document used by taxpayers to report specific transactions that may have an impact on their income tax liability. These transactions are related to the sale, purchase, or transfer of immovable property. The primary purpose of Form 29C is to provide the Income Tax Department with information about these transactions, allowing them to assess the taxpayer’s income tax liability accurately.

Key information about Income Tax Form 29C:

• It is a statutory requirement under Section 269UC of the Income Tax Act, 1961.
• The form must be filed within prescribed time limits to avoid penalties.
• Form 29C is essential for both buyers and sellers of immovable property.
• It helps the Income Tax Department track high-value property transactions.

Prerequisites for Filling Form 29C

Before you begin the process of filling Income Tax Form 29C, you need to gather certain essential information and documents. Here’s a checklist of what you’ll need:

• Permanent Account Number (PAN): Ensure you have a valid PAN, as it is mandatory for filing Form 29C.
• Details of the Property Transaction: You should have complete details of the property transaction, including the property’s address, sale/purchase price, date of agreement, and other relevant information.
• Details of the Parties Involved: Collect information about the buyer and seller, including their PANs and Aadhar numbers.
• Challan Details: If you’ve paid the consideration amount through a bank, you’ll need the details of the challan, such as BSR code, date of payment, and challan number.
• Digital Signature Certificate (DSC): If you are filing the form on behalf of a company or other business entity, you may need a DSC.
• Income Tax Return (ITR) Forms: Depending on your income, you might need to file an ITR along with Form 29C.

How To Fill Form 29C Income Tax Online

Now that you’ve gathered all the necessary information and documents, it’s time to start filling out Income Tax Form 29C online. Follow these step-by-step instructions:

Step 1: Visit the Income Tax Department’s official website.

To begin the process, visit the official website of the Income Tax Department (www.incometaxindiaefiling.gov.in).

Step 2: Login or Register

If you have an account, log in using your PAN as the user ID and password. If you don’t have an account, you’ll need to register.

Step 3: Navigate to the e-File section.

Once you’re logged in, navigate to the ‘e-File’ section on the website.

Step 4: Select the ‘Income Tax Forms’ option.

Under the ‘e-File’ section, select the ‘Income Tax Forms’ option.

Step 5: Choose Form 29C.

From the list of available forms, select ‘Form 29C – Report Under Section 269UC(2).’

Step 6: Fill in the details.

Now, you’ll need to fill in all the required details accurately. This includes information about the property transaction, parties involved, and challan details (if applicable).

Step 7: Verify the information.

Double-check all the information you’ve entered to ensure its accuracy. Any errors or discrepancies may lead to delays or complications in the process.

Step 8: Submit the form.

After verifying the information, submit the Form 29C electronically. You may also be required to attach supporting documents if necessary.

Step 9: Generate acknowledgment.

Once the form is successfully submitted, the system will generate an acknowledgment with a unique acknowledgment number. This acknowledgment serves as proof of your submission.

?How To Download Income Tax Form 29C PDF.

After successfully filing Form 29C, you should also download a PDF copy for your records. Here’s how you can do it:

Step 1: Log in to your account.

Return to the e-Filing portal and log in using your credentials.

Step 2: Go to ‘My Account’

Navigate to the ‘My Account’ tab.

Step 3: Click on ‘View Form 29C’

Under the ‘View Form 29C’ option, you can access the form you previously filed.

Step 4: Download the PDF

Click on the ‘Download PDF’ option to obtain a copy of your filed Form 29C in PDF format.

Frequently Asked Questions

Q: Why is it important to keep a PDF copy of Form 29C after filing it online?

Ans: Keeping a PDF copy of Form 29C is crucial for record-keeping and documentation purposes. It serves as proof that you have filed the form and can be helpful for future reference or in case of any disputes.

Q: is form 29b mandatory for all companies?

Ans: Form 29B is the essential document for companies that fall under 115JB of the income tax act. 

Q: Can I revise Form 29B after filing?

Ans: No, you cannot revise Form 29B after filing. 

Ans: Form 29B should be filed one month before the due date for filing of return u/s 139(1) or along with the return of income furnished in response to a notice under Section 142(1)(i).