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Salaried individuals are taxed according to appropriate income slabs and must file tax returns by a certain date each year, according to the Income Tax Act of 1961. Form 16 is one of the documents issued by employers that gives details about what salaried employees must do in order to file their tax statements.
Form 16B is a TDS certificate issued to a seller by a purchaser and it assists taxpayers in determining the overall amount of TDS or tax deducted at source when buying a home. The deductor deposits the amount owed with the Income Tax Department. This statement shows the entire TDS deducted in the event of a property sale.
TDS on immovable property, for example, is governed by the ITA’s Section 194-IA. Agricultural and immovable properties with a sale value of less than ₹50 lakhs, however, are exempt from TDS. Additionally, buyers are required to subtract a 1% TDS upon receiving payment under Section 194 of the ITA.
Form 16B includes the following parts:
All the above information comes in extremely handy while filing ITR . Having them ready helps in making the process smoother and easier.
The purchaser deducts TDS at a rate of 10% when buying property. The money that is deducted is then deposited with Form 26QB in an authorized financial institution.
To get Form 16 from TRACES, a user needs to follow the following steps:
1. The taxpayers need to log into TRACES.
2. Post login, the user needs to go to the Downloads tab.
3. Form 16B will be available in that tab.
4. Enter the details that need to be filled in (such as the seller’s PAN, assessment year, the acknowledgement number of form 26QB, etc.), and click on Go
5. Once all these steps are complete, you will be able to download Form 16B
In India, submitting Form 16B TDS is obligatory, and failure to do so results in a fine. For this, there is a penalty of ₹100 each day. It should be noted that the deductor must deliver this form to the payee within 15 days of the challan-cum-statement in Form 26QB being due.
The Form 16B document certifies the TDS applicable on the sale proceeds of the property, as opposed to Form 16, which is a TDS certificate for salary and Form 16A, which is a TDS certificate for non-salary income. When submitting their tax returns, taxpayers frequently confuse Form 16A and Form 16B. Despite the fact that they are all part of the same certificate, each form serves a different purpose. To streamline the tax filing procedure to a large extent, taxpayers must learn about their specific reasons and requirements. This makes the overall process hiccup-free!