How can I download Form 16B from traces?

II. Steps to Download Form 16B:

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Register & login on TRACES portal ( www.tdscpc.gov.in) as taxpayer using your PAN.
Select “Form 16B (For Buyer)” under “Downloads” menu.
Enter the details pertaining to the property transaction for which Form 16B is to be requested.
A confirmation screen will appear.

How can I open Form 16B?

What is The Password to Open Form 16B? Form 16B will be made as a PDF file and password to open this file is date of birth of the buyer in dd/mm/yyyy format.

How long does it take to download Form 16B?

On successful payment, a challan counterfoil will be displayed containing CIN, payment details and bank name through which e-payment has been made. This counterfoil is proof of payment being made. Thereafter, the taxpayer can proceed to the TRACES portal ( www.tdscpc.gov.in) after five days to download Form 16B.

How can I claim TDS refund on property sale?

How to Claim TDS on Sale of Property?

Provide PAN to the buyer who in turn will fill-up the form online and submit to the Income Tax Department for TDS.
Verify that the property buyer has deposited the taxes deducted from sale consideration and should be reflecting in the Form 26AS Annual Tax Statement.

What happens if TDS is not deducted on purchase of property?

The penalty of not paying TDS on immovable property can be up to Rs. 1 lakh under Section 271H. To avoid penalty, you can pay the TDS, interest amount and late payment fee as soon as you receive a tax notice.

How do I register as traces as a taxpayer?

How to Register with TDS TRACES as a Taxpayer?

Step 1 – Visit the website. Firstly, one needs to visit the official website of TRACES (TDS-CPC).
Step 2 – Provide details.
Step 3 – Create an account.
Step 4 – Verify details.
Step 5 – Activate Account.

Can buyer claim TDS on property?

Yes, TDS on property is refundable. At the time of sale of property, buyer is required to deduct TDS on property and deposit the same with the government. But, the seller is allowed to avail credit of the same or claim TDS refund by filing his ITR.

Who is supposed to pay TDS on sale of property?

TDS has to be deducted by the buyer on the entire amount that is paid or credited to the seller when the amount exceeds Rs 50 lakh. For example, if a property is bought for Rs 70 lakh then TDS has to be deducted on the entire amount–that is Rs 70 lakh, not on just the Rs 20 lakh that exceeds the Rs 50 lakh threshold.

Can seller pay TDS on property on behalf of buyer?

Unlike income tax, it is a direct tax payable at the source of the transaction being done. The buyer or the entity who is paying the seller is responsible for deducting the TDS from that amount, and pay it to the Income Tax Department on behalf of the seller/ entity who is receiving payment.

How do I register on traces as a first time Deductor?

How to get registration in TRACES?

Step 1: Click on “Register as New User” tab, Select “Deductor” as the type of user and click on “Proceed”.
Step 2: Provide TAN of the deductor, enter “Verification code” and click on “Proceed”.

How to download form 16B from traces?

PAN of Buyer and PAN of Seller is mandatory The Buyer i.e. Taxpayer can download Form 16B from his account on TRACES. To download Form 16B, it is necessary that the status of the submitted return i.e. Form 26QB should be ‘Processed’.

How to download Part B from traces 2018-19?

FY 2018-19 onwards, the employer can also download Part B from TRACES. It is necessary that the status of the submitted return i.e. Form 24Q should be ‘Statement Processed with Default’ or ‘Statement Processed without Default’ to download the Form.

What is form 16B in TDs?

Form 16B is a TDS Certificate issued by a Buyer (Taxpayer) to Seller (Deductee) on purchase of property under Sec 194IA which taxpayers can download from the TRACES portal. It contains details of payment on the sale of immovable property and TDS deducted on it.

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