Monday, November 4, 2013

How To download Form 16B Tds certificate for tax deducted on sale of Immovable property


on Monday, November 4, 2013

You have recently purchased immovable property for a consideration in excess of Rs. 50.00 Lac, have deducted and deposited tax through statement-cum-challan in form 26QB.

(read Provisions related to TDS on transfer of immovable property under section 194IA above Rs 50 Lakhs)

Are You clueless as to how prepare TDS Certificate in Form 16B and issue it to Seller.Here is the answer to all such queries.

You are aware since 01-06-2013 a buyer of Property for a consideration in excess of Rs. 50.00 Lacs is required to deduct and deposit tax @ 1% of the consideration Value.

There is no exception provided as to the seller meaning thereby a buyer is under statutory obligation to deduct and deposit tax irrespective of the status of seller, and includes all governmental agencies such as DDA, HUDA, HSIIDC etc etc.(also read FAQ on Tds on sale of Immovable property)

A statement-cum-challan has been prescribed in the form of form 26QB which can be either paid online (simultaneous payments) or can be prepared and submitted offline to the banks within seven days of its generation.
Once the tax has been deposited the same would appear in Pan Ledger Account (26AS), of both buyers and sellers.

Procedure for issuance of form 16B.

Once the credit for tax starts appearing in 26AS statement a buyer who has deducted and deposited the tax can request for form 16B (TDS Certificate) and on request being accepted, he can down load and issue the same to seller.

For the Purpose he is required to Register himself on TRACES as a Tax Payer(not tax deductor). To register at tax payer please following the following procedure :

  1. Go to  to :https://www.tdscpc.gov.in/
  2. Click on Register New User and you will be asked to provide basic details such as your 
    1. PAN
    2. Date of Birth
    3. Last, Middle and First Name and would also be required 
    4. Further validate details of either tax deducted (option 1) or tax paid by you (option 2). 
  3. On Validation of details, your account will be created. User ID by default would be your PAN, You would have the option of providing Pass word of your choice. A email would be automatically generated providing you an activation link with a second code being text on your mobile. 
  4. Having activated your account, it is now ready to be used. Services currently available are 
    1. view 26AS statement and 
    2. down load Form 16B in case you are the buyer of immovable Properties. 
    3. May be in near future you are able to download your Form 16 or 16A also through this window.
  5. To download form 16B go to download, click on request for form 16B, validate details and submit your request. 
  6. After some time the same shall be available under download menu. Click on download, click of available and download and save it your computer.
  7. Print, sign and deliver it to the seller.
By Adv C P Chugh
91+99711-24526

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