Download 16B: Step by Step Process for Filing Form 26QB and Getting TDS Certificate
- howardsophia79
- Aug 3, 2023
- 8 min read
Download 16B: How to Get Your TDS Certificate for Sale of Property
If you have bought or sold any immovable property in India, you might have heard about Form 16B. It is a certificate that shows the amount of tax deducted at source (TDS) by the buyer of the property and deposited with the government. In this article, we will explain what is Form 16B, why do you need it, how to download it from TRACES portal, and how to verify it online.
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What is Form 16B and why do you need it?
Form 16B is a TDS certificate issued by the buyer of immovable property to the seller
According to Section 194-IA of the Income Tax Act, if you buy any immovable property (other than agricultural land) worth more than Rs.50 lakhs, you have to deduct TDS at the rate of 1% from the payment made to the seller. You have to deposit this TDS amount with the government within 30 days from the end of the month in which the deduction is made. You also have to file a challan-cum-statement in Form 26QB online on TIN Protean (formerly NSDL eGov) website within the same time limit.
After you deposit the TDS and file Form 26QB, you can download a TDS certificate in Form 16B from TRACES portal (www.tdscpc.gov.in). This certificate contains details such as your name, PAN, address, property details, amount paid, TDS amount, date of deposit, challan number, etc. You have to issue this certificate to the seller of the property within 15 days from the due date of filing Form 26QB.
You need Form 16B to claim tax credit for the TDS deducted on the sale of property
If you are a seller of immovable property, you need Form 16B from the buyer to claim tax credit for the TDS deducted on your income from sale of property. You have to report this income and TDS amount in your income tax return and claim credit for it. You can also verify whether the TDS amount has been correctly deposited by the buyer by checking your Form 26AS online.
If you are a buyer of immovable property, you need Form 16B as a proof of tax compliance and as a document for future reference. You may also need it for any legal or financial purposes related to the property transaction.
How to download Form 16B from TRACES portal?
Step 1: Register and login on TRACES portal as a taxpayer using your PAN
To download Form 16B, you need to register and login on TRACES portal as a taxpayer using your PAN. If you are already registered, you can skip this step. To register, you need to provide your basic details such as name, date of birth, email, mobile number, etc. You will receive an activation link and a one-time password (OTP) on your email and mobile number respectively. You need to click on the link and enter the OTP to activate your account. You can then login using your PAN as user ID and the password that you have set.
Step 2: Select "Form 16B (For Buyer)" under "Downloads" menu
After logging in, you need to select "Form 16B (For Buyer)" under the "Downloads" menu on the homepage of TRACES portal. You will be redirected to a page where you can request for Form 16B.
Step 3: Enter the details pertaining to the property transaction for which Form 16B is requested
On the request page, you need to enter the details pertaining to the property transaction for which Form 16B is requested. These details include:
The assessment year for which Form 16B is required
The acknowledgement number of Form 26QB filed by you
The PAN of the seller of the property
You need to enter these details correctly and click on "Proceed". You will be shown a confirmation screen where you can verify the details entered by you. If everything is correct, click on "Submit".
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Step 4: Submit the request and note down the request number
After submitting the request, you will get a message that your request has been submitted successfully. You will also get a unique request number for your reference. You need to note down this request number as you will need it to track and download Form 16B later.
Step 5: Download the requested file from "Requested Downloads" section
Once your request is processed, you will receive an email and SMS notification from TRACES portal informing you that Form 16B is available for download. You can then login to TRACES portal and go to "Requested Downloads" section under the "Downloads" menu. You will see a list of all your requests along with their status. You need to find the request for which Form 16B is available and click on the download icon. You will be asked to enter a verification code that will be sent to your registered email and mobile number. After entering the code, you can download Form 16B in PDF format.
How to verify Form 16B online?
You can verify Form 16B online by using the "Verify TDS Certificate" option on TRACES portal
If you want to verify whether Form 16B issued by the buyer is genuine and matches with the data on TRACES portal, you can use the "Verify TDS Certificate" option on TRACES portal. This option is available under the "Online Services" menu on the homepage of TRACES portal.
You need to enter the TAN of the deductor, PAN of the deductee, certificate number and financial year
To verify Form 16B online, you need to enter the following details:
The TAN of the deductor (i.e., the buyer of the property)
The PAN of the deductee (i.e., the seller of the property)
The certificate number of Form 16B (which is mentioned on the top right corner of Form 16B)
The financial year for which Form 16B is issued
You need to enter these details correctly and click on "View Details". You will get a confirmation message if the certificate is valid and matches with the data on TRACES portal. You will also see some basic details of Form 16B such as date of issue, amount paid, TDS amount, etc.
FAQs about Form 16B
What is the difference between Form 26QB and Form 16B?
Form 26QB is a challan-cum-statement that is filed by the buyer of immovable property online on TIN Protean website while depositing TDS on sale of property. Form 16B is a TDS certificate that is issued by the buyer of immovable property to the seller after downloading it from TRACES portal. Form 26QB is a prerequisite for generating Form 16B.
What are the consequences of not issuing Form 16B to the seller?
If the buyer of immovable property fails to issue Form 16B to the seller within the prescribed time limit, he may face penal consequences under Section 272A of the Income Tax Act. The penalty for not issuing Form 16B is Rs.100 per day for every day of default, subject to a maximum of the TDS amount. However, the penalty can be waived or reduced by the assessing officer if the buyer can prove that there was a reasonable cause for the delay.
How long does it take to generate Form 16B on TRACES portal?
It usually takes around 5 to 7 days for Form 16B to be generated on TRACES portal after the buyer files Form 26QB and deposits TDS on sale of property. However, the time may vary depending on the volume of requests and the availability of the portal. The buyer can track the status of his request by using his request number on TRACES portal.
Can I download Form 16B for multiple transactions in one request?
No, you cannot download Form 16B for multiple transactions in one request. You have to make a separate request for each transaction for which you want to download Form 16B. You can download up to 10 Form 16B certificates in one day from TRACES portal.
How can I rectify any errors in Form 16B?
If you find any errors or discrepancies in Form 16B, you can rectify them by filing a correction statement in Form 26QB online on TIN Protean website. You need to select the option "Correction" while filing Form 26QB and enter the acknowledgement number of the original Form 26QB that you want to correct. You can then make the necessary changes in the details such as PAN, address, property details, amount paid, TDS amount, etc. After filing the correction statement, you can download the revised Form 16B from TRACES portal.
Conclusion
Form 16B is an important document that shows the TDS deducted and deposited by the buyer of immovable property on behalf of the seller. It helps both the parties to claim tax credit and comply with tax laws. To download Form 16B, you need to register and login on TRACES portal as a taxpayer and make a request by entering the details of your property transaction. You can also verify Form 16B online by using the "Verify TDS Certificate" option on TRACES portal. If you have any queries or doubts about Form 16B, you can refer to the FAQs given above or contact the customer care helpline of TRACES portal.
I hope this article has helped you understand how to download and verify Form 16B for sale of property. If you have any feedback or suggestions, please feel free to leave a comment below. Thank you for reading!
FAQs
What is the rate of TDS on sale of immovable property?
How can I pay TDS on sale of property online?
How can I check whether TDS on sale of property has been deposited with the government?
What are the documents required for filing Form 26QB?
What if I lose or misplace my Form 16B?
The rate of TDS on sale of immovable property (other than agricultural land) is 1% if the value of the property exceeds Rs.50 lakhs. However, if the seller does not provide his PAN to the buyer, then the rate of TDS is 20%.
You can pay TDS on sale of property online by using any of the authorized banks' websites or by visiting and selecting "Form No.26QB" under "TDS on Sale of Property". You need to fill in the details such as PAN, address, property details, amount paid, TDS amount, etc. and make the payment using net banking or debit card.
You can check whether TDS on sale of property has been deposited with the government by checking your Form 26AS online. Form 26AS is a consolidated annual tax statement that shows all the taxes deducted and collected on your behalf and deposited with the government. You can access your Form 26AS online by logging in to your e-filing account on the income tax website (www.incometaxindiaefiling.gov.in) or by using the "View Your Tax Credit" option on TRACES portal.
The documents required for filing Form 26QB are:
A copy of the sale deed or agreement of the property
The PAN of the buyer and the seller of the property
The address and contact details of the buyer and the seller of the property
The details of the property such as location, area, value, etc.
The amount paid or credited to the seller and the date of payment or credit
The TDS amount and the rate of TDS applicable
The bank details of the buyer for making the payment
If you lose or misplace your Form 16B, you can download it again from TRACES portal by following the same steps as mentioned above. You can also request for a duplicate copy of Form 16B from the buyer of the property if he has a copy of it.
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