Tax Professional Blogs

Form 16B is a simple representation of the tax deducted on real estate transactions. In property transactions, the buyer must subtract TDS from the sale price at the time of the transaction. The TDS amount, which the buyer deducted and filed with the Income Tax Department for the property transaction, is recorded on Form 16B, which serves as a TDS certificate. TDS is subtracted from the purchase price of an immovable property, decreasing the buyer's obligation to pay the seller by 1%. The deducted sum is then submitted to the Income Tax Department.