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What is Form 16B & Section-197IA? How to download it & Eligibility…

Taxpayers can download Form 16B from the TRACES portal, which is a TDS Certificate provided by a Buyer (Taxpayer) to a Seller (Deductee) on the purchase of property under Sec 194IA.

What is Form 16B?

Form 16B is a certificate issued by the buyer or deductor to the seller when s/he is purchasing a property or house. This document helps taxpayers to verify whether the amount of TDS or tax deducted at the source is deducted TDS from the sale of property or not. This deducted TDS amount is delivered to the income tax authorities. Thus, in simple words, form 16B is a document containing the details of deducted TDS from the sale of the property. However, the TDS is not applicable to agricultural and immovable property whose value is less than Rs. 50 Lakh. tax deducted at the source comes under section 194-IA of the income tax act. As per section 194-IA of the income tax act, the buyer must deduct applicable TDS at 1% while purchasing an immovable property.

What is Section-197IA?

Section 194-IA of the Income Tax Act, 1961, deals with the TDS (Tax Deducted at Source) on the sale of immovable property in India. As per this section, if the sale consideration of the immovable property exceeds Rs. 50 lakhs, then the buyer is required to deduct TDS at the rate of 1% of the sale consideration and deposit it with the government.

Who Is Eligible for Form 16B?

Seller of immovable property: If you are selling immovable property in India and TDS has been deducted from the sale consideration, then you are eligible for Form 16B. Buyer of immovable property: If you are a buyer of immovable property and have deducted TDS on the sale consideration, then you are required to issue Form 16B to the seller. It is important to note that Form 16B is applicable only for TDS deducted on the sale of immovable property and not for other transactions. Additionally, Form 16B is applicable only for TDS deducted on or after June 1, 2013.

How To Download Form 16b?

Following are the steps for downloading the form 16b: Go to the official website of TRACES and log in to your account. In case you are a new user on TRACES, then you need first to register your account and provide all the relevant details. After the verification of your provided details is done, your account will be opened. Your username will be created as your PAN number and then create a strong password. You will receive an activation link to your personal mailbox and you will get a code on your registered mobile number to activate the account. After opening an account successfully, you can access the download menu bar. Go to the download bar and click on download Form 16B for Buyer. Then this will ask for the assessment year, PAN number, and acknowledgment number of the seller. Fill in there all the relevant details. After furnishing all the details, Form 16B will be made available in the Downloads section. The form can be printed and signed and then it is to be delivered to the buyer. The buyer can also view the details of TDS deducted through Form 26AS.

The Format of Income Tax Form 16B

Following are the major parts of form 16B include- Assessment year The break-up of the payment Address of deductee and deductor Tax deduction Challan serial number Payment acknowledgment number Reliefs under section 89t PAN of deductee and deductor Individuals should check these details thoroughly before proceeding with the Form 16B download. You should know that deductors are liable to issue Form 16B to a payee within 15 days of furnishing Form 26QB.

Frequently asked questions

Form 16B is a certificate of TDS (Tax Deducted at Source) that the buyer issues to the seller of immovable property. It serves as proof of TDS deduction and deposit on the sale consideration.

Form 16B is issued by the buyer of the immovable property to the seller after deducting TDS on the sale consideration.

Form 16B is issued after the TDS on the sale consideration is deposited with the government.

Form 16B serves as proof of TDS deduction and deposit on the sale consideration. It helps the seller claim credit for the TDS amount while filing their income tax returns.

No, Form 16B is applicable only for TDS deducted on the sale of immovable property in India.

The validity period of Form 16B is 15 days from the date of its generation.

Yes, it is mandatory for the buyer to issue Form 16B to the seller as proof of TDS deduction and deposit on the sale consideration. The seller can use this certificate to claim credit for the TDS amount while filing their income tax returns.

Form 16B can be obtained by the seller from the TRACES (TDS Reconciliation Analysis and Correction Enabling System) website of the Income Tax Department.

Form 16B includes details such as the name and address of the buyer and seller, PAN details, amount of TDS deducted, and date of deposit of TDS.
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