Form 16B

    Form 16B notifies the employer about the securities transaction of an employee. This TDS certificate must be submitted to the ITO within seven days from such trade, or if no deduction is made, it must be submitted within a month from the date of receipt of payment/credit. For example: Let’s say that you have signed an agreement with a builder to buy a flat at ₹10 lakh, and it is expected that the builder would deduct TDS under section 194-C. In such a case, you should request your employer to issue Form 16B within a week after the builder has issued him Form 16 on completion of construction. Even though you do not receive any cheque or bank draft, you are expected to get Form 16B if you have paid for the property.

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