The different types of TDS / TCS certificates need to be issued on time which is summarized in the table below: Form No. Certificate – Description Frequency Due Dates Form 16 TDS on salary payment Annually 15th June Form 16A TDS on non-salary payments Quarterly 15th August 15th November 15th Feb 15th June Form 27D…
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…
Following are the points to be remembered by the seller of the property: Provide a copy of PAN Card to the Purchaser of the property for furnishing information regarding TDS to the Income Tax Department. Verify taxes deducted by the Purchaser in Part A2 of your Form 26AS Annual Tax Statement. Compare it with Form…
CPC (TDS) has issued an advisory communication to the purchasers of the property regarding payment of taxes, deducted on purchase of immovable property. The issued communication has been given below: Dear Purchaser of Property, Greetings from CPC (TDS)! As part of the purchase of immovable property, you have deducted taxes in accordance with provisions of section…
1. What is Form 16B? Form 16B is the TDS certificate to be issued by the deductor (purchaser/buyer of immovable property) to the deductee (Seller of immovable property) in respect of the taxes deducted on the sale of immovable property and deposited into the Government Account. 2. Who can download Form 16B? Only a purchaser/buyer,…
Government has made it mandatory w.e.f 01.06.2013 on buyer of property to deduct TDS @ 1% on payment made after 01.06.2013 if Purchase Consideration of the Property exceeds Rs. 50 Lakh. Deductor can pay such TDS by any of the following mode:- Either make the payment online (through e-tax payment option) immediately or make the…
From June 2013, 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. The TDS payment process and the steps to be…
Buyer of immovable property can download Form 16B after registering on TRACES website as a Tax Payer.