Stepwise process to download Form 16B online on TRACES website
TDS is applicable on sale of immoveable property wherein the sale consideration of the property exceeds or is equal to ₹ 50,00,000 (Rupees Fifty Lakhs). Section 194IA of the Income Tax Act, 1961 states that for all transactions Tax @ 1% should be deducted (depending upon the Date of Payment/Credit to the Seller) by the purchaser 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 authorised bank branches. The buyer is required to collect the Permanent Account Number (PAN) of the Seller and verify the same with the Original PAN card. PAN of seller as well as Purchaser should be mandatorily furnished in the online Form for furnishing information regarding the sale transaction. Do not commit any error in quoting the PAN or other details in the online Form as there is no online mechanism for rectification of errors. For the purpose of rectification you are required to contact Income Tax Department. Once form 26QB is filed buyer is required to issue TDS deduction certificate in Form 16B. In this article we will learn how to download form 16B online on Traces portal.
Stepwise process to download Form 16B
Below is the process to download Form 16B Certificate online:
Step 1: Go to https://contents.tdscpc.gov.in/
And click on “Register as New user”
It will redirect you to “register as new User” Tab
Step 2: Now, fill the following details:
1. PAN of the buyer
2. Date of Birth or Incorporation of buyer
3. Name of the buyer
Now enter verification code and click on proceed button
Now, in the next page fill any of the following details:
Option 1-Details of TDS/TCS Deposited
Option 2- Challan Details of Tax Deposited by Taxpayer ( i.e. Advance Tax, Self Assessment Tax, TDS on Property and TDS on Rent )
Option 3-Mention Details of 26QB statement details filed by Buyer before correction
And click on next button. Now, enter the communication address, mobile no and mail id of the buyer and click on next button.
Now, enter the password, select the appropriate secret question and enter the answer for question and click on create account button.
In the next page the applicant is required to confirm the details entered and click on confirm button. Later, the applicant will receive the Activation link and codes have on the email address and mobile number provided during registration. Click on the link on mail id, you will see below screen
Enter Pan as User id and enter the OTP received on mail id and mobile no and click on “Submit” button. You will successfully get yourself registered on the TRACES website
Step 4: Downloading Form 16B Certificate
Now, Login to Traces website using Login and Password created at the time of registration. Now, under download tab, select “Form 16B/ 16C/ 16D (For Buyer/ Tenant/ Payer) option
Now enter the below details:
a. Enter the form type as “26QB”
b. Assessment year of the 26QB
c. Acknowledgment no of form 26QB and
d. PAN of the Seller
Now, click on “proceed” button and click on “Submit Request”. Your Form 16 request is been submitted on portal you can download from the “requested download” option after 2 hours of requisition. Until the request is accepted the status will be reflected as “Submitted”. Once the status is changed to available you can download the Form 16B Certificate.
Note: Password for opening Form 16BN zip is Date of birth of the buyer in DD/MM/YYYY format