Form 16B is a TDS Certificate which reflects that the amount deducted as TDS on Property by the Buyer has been deposited with the Income Tax Department.
At the time of sale of immovable property, the buyer is required to deduct TDS on Property @ 1% from the amount he has to pay to the seller. This amount is then required to be deposited with the Income Tax Department. (Recommended Read: TDS on Property @ 1% under Section 194IA)
Once the amount has been deposited with the Income Tax Department, the buyer is required to issue Form 16B to the Seller which is a proof of the fact that the TDS deducted on property has been deposited with the Govt.
Just like Form 16 is a TDS Certificate for TDS Deducted from Salary and Form 16A is a TDS Certificate for TDS deducted from all other payments, Form 16B is a TDS Certificate for TDS deducted on Sale of Property.
Form 16B can be downloaded online from TRACES Website and the procedure for downloading this form is given below in this article. A tutorial for downloading this form (explained with screenshots) has also been attached at the end of this article.
Download Form 16B Online from TRACES Website
Once the buyer has furnished all details in Form 26QB and deposited the TDS, he can download the Form 16B online which he is required to give to the buyer. This form can be downloaded from TRACES website by following these steps:-
- Logon to TRACES website (www.tdscpc.gov.in) using the login button given on the left side.
- In case you are accessing the website for the 1st time, you would be required to first register an account by furnishing your details.
- On validation of all the details, your account would be created. The username for your account would be the PAN No. and the password would be of your choice. An activation link would be sent on to your mailbox and a code messaged to your mobile which would be required to active your account.
- Once your account has been created, go to downloads section and download the form as shown in the screenshot below.
- Furnish the Assessment year, Acknowledgement No. and the PAN No. of the Seller to download the Form.
- After furnishing all these details, Form 16B would be available in the Requested Downloads Section under the Downloads Category.
- Print the form, sign it and deliver it to the buyer
The buyer can also access the details of TDS Deducted through Form 26AS which is a Consolidated statement of the total TDS Deducted and includes all details as reflected in Form 16, Form 16A & Form 16B.
Tutorial on How to Download Form 16B
A Tutorial on How to Download Form 16B online from TRACES Website has been attached herewith for your ready reference.
In case you are facing any difficulties, you can also contact Customer Care through mail at [email protected] or call at Toll-Free number at 1800 103 0344