TRACES means TDS Reconciliation Analysis and Correction Enabling System. It is the online portal for administration and implementation of TDS (Tax Deducted at Source) and TCS (Tax Collected at Source). TRACES is the online portal for filing TDS Returns, correction of TDS Returns and downloading TDS documents. Form 16B is a TDS Certificate issued by a Buyer (Taxpayer) to Seller (Deductee) on purchase of property under Sec 194IA. It contains details of payment on the sale of immovable property and TDS deducted on it.
- Deductor or Taxpayer – Any person who buys an immovable property other than agricultural land
- Nature of Payment – Sale of Immovable Property exceeding Rs. 50 lacs
- Rate & Section – Buyer should deduct TDS u/s 194IA @ 1%
- TDS Return – Buyer should file Form 26QB
- TDS Certificate – Buyer should provide Form 16B to the Seller
- To file Form 26QB, TAN is not required. PAN of Buyer and PAN of Seller is mandatory
The Buyer i.e. Taxpayer can download Form 16B from his account on TRACES. To download Form 16B, it is necessary that the status of the submitted return i.e. Form 26QB should be ‘Processed’.
Steps to download Form 16B (TDS Certificate) from TRACES
- Log in to TRACES
- Navigate to Form 16B/16C
Go to Downloads > Form 16B/16C (For Buyer/ Tenant)
- Enter the required details
Select the required details for which you want to download Form 16B. Click on ‘Proceed’. PAN of the user logged in should not be the same as the PAN of the seller. Click on ‘Proceed’
1. Form Type – Select Form 26QB
2. Assessment Year
3. Acknowledgment Number
4. PAN of Landlord
- Authorised person
The details of the Authorised Person will appear on the screen. These details are populated from the profile information on TRACES. Further, these details would be printed on Form 16B. Click on Submit
- Success Page
Success page will appear on the screen. A Request Number is generated. You can download the file from tab ‘Downloads’
- Navigate to requested downloads
Go to Downloads > Requested Downloads
- Request number/date
Enter the Request Number or Request Date. Click on ‘View Request’. Click on ‘View All’ to view all the download requests. List of requests pertaining to the search criteria will appear. Select the row containing Form 16B PDF file. If the status is ‘Available‘, click on the download button.
Note: If the status is ‘Submitted’, please wait for 24 to 48 hours for the status to change to ‘Available’
- Download the file
Click on the HTTP Download button to download the file. A zip file is downloaded. The password to open ‘Form 16B’ Zip file is Date of Birth of Buyer in DDMMYYYY format. E.g. 15051990
1. Submitted – Successful submission of Request for Form 16B
2. Available: Form 16B available for downloading
3. Failed: Taxpayer should request Form 16B again or is advised to contact CPC(TDS)
The seller cannot download Form 16B on their own. You should request your deductor i.e. buyer to provide you with Form 16B since he has deducted the TDS and filed TDS Return (Form 26QB). However, you can download Form 26AS from your account on the income tax website. It contains details of total purchase amount and TDS deducted on it.
A buyer of immovable property of Rs. 50 lacs or more, should deduct TDS @ 1% on sale consideration before making payment to the seller. The buyer should deposit the TDS with the Income Tax Department and file TDS Return Form 26QB.
1. Acknowledgment number of Form 26QB is available in Form 26AS (Annual Tax Statement) of the Deductor (Buyer of property)
2. The taxpayer can also click the option ‘View Acknowledgment’ hosted on the TIN website. Enter PAN of the Buyer and Seller, Total Payment and Assessment Year (as mentioned at the time of filing the Form 26QB) to retrieve the Acknowledgment Number
The TDS should be deducted on the whole amount paid or credited to the Deductee. For example, If immovable property is sold for Rs. 80 lacs, TDS u/s 194IA should be deducted by the Buyer on Rs. 80 lacs and not on Rs. 30 lacs (amount in excess of Rs. 50 lacs).