Accounts
namavaram (jr accountant) (76 Points)
10 May 2017
what is the meaning of form 16 b ..pls give me a small exampel
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 10 May 2017
you are asking Form 16B in Income tax Act it is the TDS Certificate given by buyer to seller for having deposited tax while buying house property if value is more than 50 lacs
manoj
(student)
(5205 Points)
Replied 10 May 2017
Form 16B which is a TDC certificate reflects the amount that has been deducted as TDS on property that has been deposited by the buyer with the Income Tax Department. Buyer is required to deduct TDS on property at the time of sale of the immovable property. The TDS is deducted at 1% from the amount that the buyer has to pay the seller. That amount is then to be deposited with the Income Tax Department.
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