Procedure to generate Form 16B?

CA Satbir Singh — Tue, 08 Nov 2016 04:29:14 +0000

Form 16B

As per Finance Bill of 2013, TDS is applicable on sale of immoveable property wherein the sale consideration of the property is equal or exceeds to 50,00,000 (Rupees Fifty Lakh). Sec 194 IA of the Income Tax Act, 1961 states that for all transactions with effect from June 1, 2013, Tax @ 1% should be deducted by the purchaser/buyer of the property at the time of making payment of sale consideration. Tax so deducted should be deposited to the Government Account through any of the authorized bank branches in Form 26QB . Thereafter buyers has to Download form 16B From TRACES portal and issue it to the seller of the property.

What is the procedure to generate the Form 16B?

Form 16B shall be generated by TDS-CPC after the processing of Form 26QB (statement come Challan form) filed by buyer. Following are the steps to generate form 16B:-
- Buyer has to register on TRACES as Taxpayer.
- Login to TRACES as tax payer.
- Submit Download Request for Form 16B under ‘Downloads’ tab.
- File will be available under ‘Requested Downloads’ in ‘Downloads’ tab.
- Form 16B will be generated in PDF file and password to open this file is date of birth of the buyer in ddmmyyyy format i.e. if the date of birth is 4th October 1976, password would be 04101976.

Can I download Form 16B without acknowledgement number?

I have lost 9 digit alphanumeric acknowledge number which was generated while filing form 26QB. Now from where can I get acknowledgement number to download form 16B?

Ans:It is advised to note down the acknowledgment number. However, in case if it is lost, the acknowledgement number is also be reflected in Part ‘F’ of Form 26AS of the buyer and Part ‘A2’ of Form 26AS of the seller.

Is there any provision in Income tax act 1961 or Income tax Rules 1962 format for Form16 B?

Ans:Form 16B is issued as per the provisions of Rule 31(1) of Income tax Rules 1962.

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