Form 16B is a document issued by the buyer of immovable property (usually a house or land) to the seller as per the provisions of the Income Tax Act, 1961 in India. It serves as proof of tax deducted at source (TDS) on the sale of property and is applicable for transactions subject to TDS under Section 194IA.
Here is a breakdown of the components and purpose of Form 16B:
Form 16B is a crucial document for both the buyer and the seller in a property transaction. It serves as proof of TDS compliance by the buyer and helps the seller in filing their income tax return by providing details of the TDS deducted on the property sale.
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