Advocate C P Chugh

Government has made it mandatory w.e.f 01.06.2013 on buyer of property to deduct TDS @ 1% on payment made after 01.06.2013 if Purchase Consideration of the Property exceeds Rs. 50 Lakh.   Deductor can pay such TDS by any of the following mode :-

  • Either make the payment online (through e-tax payment option) immediately;
  • Or make the payment subsequently through e-tax payment option (net-banking account) or by visiting any of the authorized Bank branches. However, such bank branches will make e-payment without digitization of any challan. The bank will get the challan details from the online form filled on www.tin-nsdl.com

Once the Payment is made now the dedcuctor / Buyer is required to issue TDS certificate in form 16B to the seller of the Property. Now the question is how to prepare or from where deductor can get such certificate for the purpose of issue to the seller? Answer is deductor can download such certificate from Traces website and issue to the seller.

Buyer of immovable property can download Form 16B after registering on TRACES as Tax Payer.

Procedure to Download TDS certificate in form 16B is as follows :-

1. Login to :

https://www.tdscpc.gov.in/app/tapreg1.xhtml

2. Click on Register New User and you will be asked to provide basic details such as your
  • PAN
  • Date of Birth
  • Last, Middle and First Name and would also be required to 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.  Having activated your account, it is now ready to be used.  Services currently available are view 26AS statement and down load Form 16B in case you are the buyer of immovable Properties.  May be in near future you are able to download your Form 16 or 16A also through this window.
To download form 16B go to download, click on request for form 16B, validate details and submit your request.  After some time the same shall be available under download menu. Click on download, click of available and download and save it your computer.
Print, sign and deliver it to the seller.
Hope this helps you in getting Form 16B from Traces.

Also Read – TDS on Property – FAQ , Payment Procedure & Points to Remember

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More Under Income Tax

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Category : Income Tax (20770)
Type : Articles (10547)
Tags : Section 194IA (35) TDS (774)

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