Urvi Parekh Ambbala
As we all know that the purchaser of property with value of Rs. 50 lakh and above should deduct 1% TDS at the time of making payment. Here is the guide about making payments of TDS and obtaining form 16B for the buyer and form 26QB for the seller.
I would like to run the readers through the TDS payment process and the steps to be taken to obtain Form 16B (for the deductor or buyer) and Form 26QB for the (seller or deductee):
Firstly one has to go to the site of Tin.nsdl in following link: https://onlineservices.tin.egov-sdl.com/etaxnew/tdsnontds.jsp
Online Payment through Challan 26QB:
Once this link is opened click on Form 26QB (Payment of TDS on sale of property). Select (0021) in case of non corporate payer and 0020 in case of corporate payer. On filling in the various details called for in that form, click on ‘Proceed’ at the bottom of the page, this will then take you to the next page, which will give you the option to select your bank. Once you select the bank, then login using the normal online process for your bank. Once the payment is made the bank will let you print challan 280 with a tick on (800), which is payment of TDS on sale of property. Take a printout of the challan and keep the same for your records and for the builder/seller if required. This is the first phase of the process.
There is also alternative mode payment if one does not have online banking registration.
One can fill in the form as above & while proceed there is option of “Subsequent payment through bank”
Choose that & it allows you to generate online receipt for Form 26QB with Ack no.
The same can be valid for 10 days from the date of generation online.
The same is to be carried at the authorized bank (list is given on the TIN.nsdl site) with cheque.
Bank will do online payment for you & generate Challan.
Generation of Form 16B:
Once this is completed one has to wait for seven days for the details to be reflected on TRACES web site – https://www.tdscpc.gov.in/.
As a first time user, you will have to register on this website as Tax Payer with your PAN card no. & Challan no as generated while payment (no need to have TAN)
Once you register whether as seller or buyer, you will be able to obtain the Form 16B or 26QB which has been approved and is reflected against your PAN in your Form 26AS. Check Form 26 AS after seven days and you will notice that the payment you had effected against TDS on sale of property is reflected in Part F of the Form 26 AS under ‘Details of Tax Deducted at Source on Sale of Immoveable Property u/s 194(IA) [For Buyer of Property]. This will give you details such as the TDS certificate number (generated by TRACES), name of deductee, PAN of deductee, acknowledgement number (same as above on Form 26QB), total transaction amount, transaction date, TDS deposited, date of deposit, status of booking and date of booking.
Once the payment is reflected in 26AS as above, you will have to go to the TRACES again. Login to the website & Go to ‘Download’ Tab & make application for request of Form 16B
To make a request for download, here fill in the acknowledgment number (nine digit number) & required details as asked which is reflected on Form 26AS Part F as mentioned above.
It will give application & generates an application request number.
Now, click on ‘Downloads’ tab. In the drop down menu click on ‘requested downloads’. You can filter by way of Request no or by Date filter.
You can see you request for Form 16B as Submitted.
Within a couple of hours, the application gets processed and you will be able to view your Form 16B as Available.
Download it & it will give Zip file, save at your destination & to open it, use the password of Date of birth of Deductor. (DDMMYYYY)
Form 16B will be available in PDF format.
You can take a printout of the same for your records as well as for handing over to the seller of the property. A similar process has to be followed by the seller to obtain form 26QB.
Republished with Amendments