[VIDEO] HOW TO DOWNLOAD TDS CERTIFICATE FORM 132 PURCHASE OF PROPERTY

Based on the video content, here is the summary

 Summary

This guide explains the procedure for downloading the new TDS Certificate Form 132 for property purchases exceeding ₹50 Lakhs under the Income Tax Act 2025 (applicable from April 1, 2026). It covers the step-by-step process on the TRACES portal (tdscpc.gov.in), starting from logging in as a taxpayer to navigating the download section. The video highlights key changes, such as the requirement to first file Form 141 on the Income Tax website and the removal of password protection for the downloaded certificate. It also details the components of Form 132 (Parts A, B, and C) and warns of a ₹500 per day penalty for failing to issue the certificate to the seller on time.

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As of April 1, 2026, the procedure for TDS compliance on property purchases (exceeding ₹50 Lakhs) has undergone a significant overhaul with the introduction of the Income Tax Act 2025. The traditional Form 16B has been replaced by Form 132, and the filing process has moved to a unified system.

The New Filing Workflow

The most critical change is the transition from Form 26QB to Form 141. You can no longer download a TDS certificate without first completing this consolidated filing.

1. Deduct & Deposit: Deduct 1% TDS at the time of payment to the seller.

2. File Form 141: Submit this unified challan-cum-statement on the Income Tax Portal within 30 days from the end of the month in which the deduction was made.

3. Wait for Processing: Once Form 141 is processed, the data is synced with the TRACES portal.

4. Download Form 132: Log in to TRACES (tdscpc.gov.in) to download the final certificate for the seller.

Step-by-Step Guide to Download Form 132

Once your Form 141 has been processed (usually within a few days of payment), follow these steps on the TRACES portal:

• Step 1: Login: Log in to the TRACES website as a Taxpayer.

• Step 2: Navigate to Downloads: From the main dashboard, go to the “Downloads” menu and select “Form 132” (previously the Form 16B/16C/16D link).

• Step 3: Enter Details: Select the relevant Assessment Year (e.g., 2026-27 for FY 2025-26), enter the Seller’s PAN, and the Acknowledgement Number of the Form 141 you filed.

• Step 4: Request Download: Click on “Submit.” Your request will be assigned a “Request Number.”

• Step 5: Final Download: After a few hours, go to Downloads > Requested Downloads. Once the status shows “Available,” click on the file to download the PDF.

Note: Unlike the old Form 16B, the new Form 132 certificates are often not password-protected, making them easier to share with sellers immediately after download.

Key Components of Form 132

The certificate is divided into three distinct parts to ensure transparency:

• Part A: Summary of tax deposited and the unique transaction ID.

• Part B: Detailed breakup of the property transaction, including address and total consideration.

• Part C: Verification and digital/manual signature of the deductor (the buyer).

Penalties for Non-Compliance

The government has tightened the timeline for issuing these certificates. If you fail to provide Form 132 to the seller within 15 days of the due date for filing Form 141, you may face:

• Late Fee: ₹200 per day under Section 234E for late filing of the statement.

• Additional Penalty: A penalty of up to ₹500 per day can be levied for failure to issue the certificate to the deductee on time.

• Interest: 1.5% interest per month for any delay in depositing the tax after deduction.