If a buyer has purchased any property from the seller and TDS has been deducted under section 194IA, then the buyer is required to give a certificate of tax deducted in Form 16B. Further, this form is almost similar to Form 16 / 16A issued by the employer/ deductor to employees/ deductees.
Form 16B is generally issued within 15 days from the date of furnishing Form 26QB.
What details are present in Form 16B?
The following details are present in this form:
- Certificate Number,
- Name, PAN, and Address of Buyer as well as Seller,
- Financial Year,
- Summary of Transactions
- Details of tax deposited
How to download Form 16B?
Once form 26QB is processed, the buyer can download the form from the TRACES.
These are the steps to download this form:
- Login and Click on Taxpayer
Click on the ‘Login’ button and then select ‘Taxpayer’
- Click on ‘Register as New User’
If you are not registered on TRACES then click on ‘Register as New User’ and finish the registration process.
- Go to downloads
After you login to your account then go to downloads and further click on Form 16B
- Add required details
Add details like Assessment Year, Acknowledgement Number of Form 26QB, PAN of Seller, and click on proceed.
- Click on ‘submit request’
Click on ‘submit request’ to submit a request for a download of the Form. Confirmation of the request will also be shown upon successful submission.
- Click on ‘Request Downloads’ to track the request status
Go to downloads after 24 to 48 hours of request submission and click on ‘Request Downloads’ to track the request status. Once the status changes to Available click on ‘HTTP Download’ to download the zip file.
FAQs
Yes, if the individual doesn’t provide the certificate within the due date then, they are liable to pay a fine of INR 100 per day.
If you are filing Form 26QB then TAN is not compulsory and you can file using the PAN. Also, you can login to your TRACES accounts through PAN to download this form.
Yes, the user can request a correction in this form only before downloading the form. Correction requests will be allowed only once.
I am purchasing a new property under construction from a reputed builder. Payments are being made in instalments. I have also made deducted TDS during the payment, filed Form 26QB and obtained Form 16B which I have sent to the builder. The TDS payment is now shown in my Form 26AS. My query is whether I as a deductor (buyer) also have to reflect this in my annual Income Tax return or is this only to be done by the deductee (builder)?
Hey @rjnadkarni,
When making the installment payments, you have deducted a percentage of purchase price and deposited the same with Income tax department. Thus, although TDS on transfer of immovable property reflects on 26AS of both buyer and seller, TDS can be claimed by seller (i.e: builder) alone.
So it is not required in your case to disclose the same in your Income tax returns.
Hi @rjnadkarni
Yes, it is correctly mentioned by @radhesh23k that, as a buyer you do not need to disclose the TDS payment made by you in your Income Tax return, the deductee (builder) has to claim TDS in their ITR.