19 September 2012
In case of banking company, Bank has deducted TDS @ 20% on FDR interest as the customer has not submitted PAN. After filing of TDS return, the customer has submitted PAN and accordingly the Bank has filed its revised TDS return and corrected the PAN of customers.
As per rules TDS certificate is to be issued within 15 days from the due date of filing of return. Further in case of banking company the TDS certificates should be generated from TIN website.
My question is what should be date of issue of Form 16A in case of corrected PAN. As the time limit has already been expired and Fresh Generation of Form 16A (from TIN ) shows the last updated date.
Whether penalty U/s. 272A(2) is attract in above situation.
19 September 2012
No penalty can be invoked. The form should be issued from 15 days of the filing of revised (Corrected return)... from the end of month in which revised return is filed.
20 September 2012
As per Income Tax Rules 31 Form 16A should be issued within 15 days from the due date for furnishing the statement of TDS under rule 31A i.e. 15 May in case of IVth Qtr.
No where is mentioned in rules, 16A can be issued with in 15 days of filing of revised return. Please clarify in the light of Income Tax Rules.
20 September 2012
Basically try to concentrate that you need to have PAN which was absent in your case. Because TDS was made by BANK, you were prompted to RUN for getting PAN as the credit for the same could not have been claimed. Now that PAN is issued, your banker is polite enough to REVISE the return. Take a call accordingly.
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