How to retrieve lost Form 16B from TRACES portal and verify its authenticity online
- PRITI SIRDESHMUKH
- 2 days ago
- 10 min read
Form 16B is a crucial document for property sellers in India, as it serves as proof of TDS (Tax Deducted at Source) on property sales under Section 194-IA of the Income Tax Act. In case you’ve misplaced your Form 16B or need to verify its authenticity, it’s essential to know the exact steps to retrieve it from the TRACES portal and ensure the document is legitimate. This guide will walk you through retrieving your lost Form 16B, verifying its authenticity online, and ensuring compliance with the latest tax amendments, including those from the 2024-25 Budget.
Table of Contents
How to Retrieve lost Form 16B from TRACES portal and verify its authenticity online
To retrieve a lost Form 16B, log in to the TRACES portal using your PAN and acknowledgment number of Form 26QB. If you are a registered user, navigate to the "Downloads" section, select Form 16B (For Buyer), and submit the necessary details, including the PAN of the seller and the assessment year (e.g., FY 2024-25). After submission, wait for 24-48 hours for the form to be processed, after which it will be available for download. For authenticity verification, you can cross-check the details of Form 16B with the Income Tax Department's portal by entering required details like PAN and TDS amount.
How to Retrieve Lost Form 16B from TRACES Portal
Form 16B is an essential document for taxpayers who have sold property and had tax deducted under Section 194-IA of the Income Tax Act. If you have lost or misplaced your Form 16B, you can easily retrieve it from the TRACES portal. The portal allows taxpayers to download Form 16B for property transactions by following a series of steps. The process is straightforward, but it's essential to ensure the details provided during the request are accurate to avoid any discrepancies.
Steps to Download or Retrieve Lost Form 16B
Registration on TRACES Portal (if not already registered) To begin, visit the official TRACES portal at https://www.tdscpc.gov.in.
Create an account: Use your PAN (of the buyer) and register on the portal.
Provide Form 26QB details: During the registration, you need to input the acknowledgment number of Form 26QB, which is generated when TDS is paid on the sale of immovable property. Also, enter the seller's PAN.
Activate your account: You will receive an activation link on your registered email, which must be clicked to complete the registration process.
Login to TRACESOnce your registration is complete, log in to the portal using your PAN as the User ID and the password you created during registration. For individual taxpayers, TAN is not required for logging in.
Navigate to DownloadsAfter logging in, navigate to the 'Downloads' tab on the portal's dashboard.
Select ‘Form 16B (For Buyer)’ from the dropdown menu. This will prompt the portal to ask for additional information.
Submit Request for Form 16B When prompted, enter the following details:
Assessment Year: For example, FY 2024-25.
Form 26QB Acknowledgment Number: This number can be found in the Form 26QB acknowledgment receipt.
Seller's PAN: Ensure that the seller’s PAN is correctly entered to avoid any discrepancies.
Once all details are entered, double-check for accuracy to avoid rejections.
Track and DownloadAfter submitting the request, it usually takes 24-48 hours for Form 16B to be processed. Once processed, the status will change to ‘Available.’ At this point, you can download the PDF of Form 16B from the ‘Requested Downloads’ section of the portal.
You can download Form 16B multiple times as long as it remains available on the portal.
Important Notes for Downloading Form 16B
Multiple Downloads: Form 16B can be downloaded multiple times for different financial years, as long as it remains available on the TRACES portal.
Timely Download: It is recommended to download Form 16B within 5 days of filing Form 26QB to ensure that it is readily available when needed.
Assessment Year Selection: Be mindful of selecting the correct assessment year, such as FY 2024-25, when making a request for Form 16B.
Potential Delays: Sometimes, there may be a delay in the availability of Form 16B due to backend processing on the portal. In such cases, you may need to wait up to 72 hours before the form is available for download.
How to Verify the Authenticity of Form 16B Online
Why Verify Form 16B Authenticity?
Verifying the authenticity of Form 16B is crucial because it ensures that the TDS certificate issued for property sales is legitimate and the tax deducted matches the government records. This verification helps avoid discrepancies when filing income tax returns, claiming TDS credits, or ensuring that the deductions were properly recorded.
If you don’t verify Form 16B and there is an error or mismatch, it could lead to complications during tax filing or even rejections of your claims. Ensuring the authenticity of the document is essential for compliance and a smooth tax-filing experience.
Steps to Verify Form 16B Authenticity
Visit the Income Tax or TRACES Portal Go to the official Income Tax Department portal or the TRACES website and log in using your PAN and password.
Navigate to Verification Section After logging in, go to the ‘View Tax Credit’ or ‘Verify TDS Certificate’ section on the portal.
Enter Required Details In the verification section, you will be asked to provide the following details:
TAN of the Deductor (Buyer): This is the Tax Deduction and Collection Account Number of the buyer who deducted TDS.
PAN of the Deductee (Seller): Enter the PAN of the seller.
TDS Certificate Number (Form 16B Number): You will find this number on your Form 16B.
Assessment Year: Choose the correct financial year, such as FY 2024-25.
TDS Amount: Enter the TDS amount mentioned in the certificate.
Validate After entering all the details, click the ‘Validate’ button. The portal will check the records against the government’s database.
If details match: The certificate is authentic, and you can proceed with your tax filing or claims.
If details don’t match: Contact the buyer (deductor) to resolve any discrepancies.
How to Check the Validity of Digital Signature on Form 16B
Form 16B is digitally signed by the deductor using a Digital Signature Certificate (DSC). Validating the digital signature ensures that the form has not been tampered with after being signed.
Steps to Validate the Digital Signature:
Open Form 16B PDF: Open the downloaded Form 16B PDF using Adobe Acrobat Reader.
Locate the Digital Signature: Scroll to the last page of the PDF, where the digital signature is visible.
Right-Click on the Signature: Right-click on the digital signature field and select ‘Validate Signature.’
Check for Validation: Adobe Acrobat Reader will confirm whether the digital signature is valid and the document has not been altered. If the signature is invalid, it means the form may have been tampered with.
Recent Amendments Relevant to Form 16B (FY 2024-25)
Changes in Due Dates and Compliance Deadlines
The due date for issuing Form 16B for FY 2024-25 remains aligned with the TDS return filing deadlines. As per the latest guidelines, Form 16B must be issued by June 15, 2025, for the property transactions of FY 2024-25. This ensures that the form is available well in advance of the tax filing deadlines for individuals.
Budget 2024 & 2025 Amendments Impact
The Union Budget 2024 and 2025 do not introduce major changes to the TDS process or Form 16B issuance under Section 194-IA. However, they emphasize digital compliance and timely filing. The tax rate for property transactions remains at 1% for TDS on properties worth over ₹50 lakh, which continues to be a part of the standard tax regime.
Summary Checklist for Blog Readers
Register on TRACES: Sign up using your PAN and Form 26QB acknowledgment number.
Download Form 16B: Navigate to the ‘Downloads’ tab and request the form by entering correct details.
Verify Authenticity: Use the ‘Verify TDS Certificate’ section to confirm the legitimacy of the form.
Validate Digital Signature: Check the form’s digital signature for authenticity using Adobe Acrobat Reader.
Stay Updated: Follow deadlines for downloading Form 16B and keep an eye on tax-related amendments from Budget 2024 & 2025.
Conclusion
Retrieving your lost Form 16B and ensuring its authenticity is a straightforward process when following the correct steps on the TRACES portal. Verifying the document's authenticity and validating the digital signature can save you from complications during tax filing. By adhering to the latest guidelines and understanding recent amendments, you can ensure a seamless tax-filing experience for FY 2024-25. Stay compliant and secure the necessary documents well in advance to avoid any last-minute issues.
FAQs
Q1. What is Form 16B and how is it different from Form 16?
Form 16B is a TDS certificate issued under Section 194-IA of the Income Tax Act for the tax deducted at source (TDS) on the sale of immovable property. The buyer (deductor) issues this form to the seller (deductee) as proof of the TDS deducted and deposited with the government. In contrast, Form 16 is a TDS certificate issued by an employer to an employee under Section 192 of the Income Tax Act. Form 16 reflects the TDS deducted from the salary of an employee and deposited with the government. The key difference is that Form 16B relates to property sales, whereas Form 16 is linked to salary income.
Q2. Can I download Form 16B if I missed the deadline for filing Form 26QB?
Form 16B can be downloaded only after the buyer files Form 26QB, which is a challan-cum-statement for TDS on property sales. If the deadline for filing Form 26QB has been missed, it is important to first file the form and pay the TDS, even if it is delayed. Once the payment is processed, you can then request and download Form 16B from the TRACES portal. Ensure that you file it as soon as possible to avoid penalties and interest on delayed payments.
Q3. How long does it take for Form 16B to be available for download?
Once you submit the request for Form 16B through the TRACES portal, it typically takes 24-48 hours for the form to be processed. After this period, the status will change to "Available," and you can download it from the 'Requested Downloads' section. It is important to verify that all the information entered, such as PAN, assessment year, and acknowledgment number, is correct to avoid delays.
Q4. How do I verify if Form 16B has been digitally signed correctly?
Form 16B is digitally signed by the deductor (buyer) or an authorized signatory. To verify the digital signature:
Open the downloaded Form 16B PDF using Adobe Acrobat Reader.
Scroll to the last page where the digital signature appears.
Right-click on the signature field and select "Validate Signature."
Adobe Acrobat will indicate whether the signature is valid and if the document has been tampered with. If the signature is valid, the document has not been altered since it was signed.
Q5. What should I do if the details on Form 16B don’t match with the records on TRACES?
If the details on Form 16B do not match with the records on the TRACES portal, it may indicate discrepancies between the information provided by the buyer and what has been filed with the tax authorities. In this case, you should:
Contact the buyer (deductor) and inform them of the issue.
Request them to verify the details submitted and make corrections, if necessary.
If the issue persists, you can reach out to the TRACES helpline for assistance or file a complaint through the portal to resolve the discrepancy.
Q6. Is Form 16B required for tax filing under both the old and new tax regime?
Form 16B is a crucial document for claiming TDS credit on the sale of immovable property under Section 194-IA. The form is required for tax filing regardless of whether the taxpayer opts for the old or new tax regime. The form helps in verifying the TDS amount that has been deducted and deposited by the buyer. However, under the new tax regime, various exemptions and deductions, including those for TDS on property transactions, are not applicable. Form 16B is still necessary to claim TDS credit in both regimes, but deductions related to property sales (such as home loan interest) may not be available under the new tax regime.
Q7. Can I download Form 16B for multiple years from the TRACES portal?
Yes, you can download Form 16B for multiple years from the TRACES portal. When submitting the request, ensure you select the correct assessment year for the respective property sale. The portal allows access to TDS certificates for different financial years, so you can retrieve forms for past years as long as they are available in the system. It is advisable to download the form promptly to avoid issues with accessibility.
Q8. How do I check the validity of TDS deductions shown in Form 16B?
To check the validity of TDS deductions shown in Form 16B, log in to the TRACES portal or the Income Tax Department’s website and go to the "View Tax Credit" section. Verify the TDS amount shown in Form 16B by matching it with the records available on the portal. If the details match, the deductions are valid. In case of discrepancies, you should contact the deductor (buyer) for corrections and ensure that the TDS has been correctly deposited.
Q9. What is the role of Form 16B in property sale transactions?
Form 16B is critical in property sale transactions as it serves as proof that the buyer has deducted the required TDS (1%) on the sale of immovable property worth over ₹50 lakh. The seller uses this document to claim TDS credit while filing income tax returns, which reduces their tax liability. It is essential for both buyers and sellers to ensure that Form 16B is generated correctly to avoid any issues while filing taxes related to the property transaction.
Q10. What are the consequences of not having Form 16B for property-related TDS deductions?
If you do not have Form 16B, you will not be able to claim TDS credit for the property transaction, leading to higher tax liabilities. This can also cause discrepancies during the tax filing process, resulting in a delay in processing refunds or additional scrutiny from tax authorities. Therefore, it is essential to ensure that Form 16B is retrieved and verified for accurate TDS claims. If it is lost or not issued, the buyer must request a re-issuance through the TRACES portal.
Q11. How do I update incorrect information in Form 16B?
If there is any incorrect information in Form 16B, such as the PAN of the seller, the amount of TDS deducted, or the assessment year, the buyer (deductor) must log into the TRACES portal and submit a request for correction. The buyer should reach out to the TRACES helpline or raise a ticket if they encounter difficulties while requesting corrections. Once the errors are corrected, a new Form 16B will be issued with the updated information.
Q12. Can I access Form 16B for TDS on properties sold earlier than the current financial year?
Yes, you can access Form 16B for properties sold in previous financial years, provided the TDS was deducted and the form has been issued. The TRACES portal allows users to download Form 16B for past years as long as the TDS records are available. Ensure that you select the correct assessment year during the retrieval process. If the form is not available for previous years, contact the buyer (deductor) to ensure the TDS has been properly filed and request the form accordingly.
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