Form 16 dated 30 Apr but TDS deposited in 31 May

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Honey (Querist)
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02 May 2010 My question is Form 16 is dated 30th April but according to Income Tax provisions TDS deducted on 31st March can be deposited upto 31st May. Now how will the TDS deposited in May will be shown in Form 16

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 May 2010 TDS on salary have to be pay with in the 7 days from the salary payment month.so 31st May tds payment will not applicable for TDS on salary u/s.192B.So if you paid salary for March in the April you need to pay by 7th May and issue the TDS certificate but TDS certificate has to be issue 30 days from the close of financial year. so you need to pay on or before 30th april and issue the certificate

Honey

Honey (Querist)
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02 May 2010 Thanks sir for your reply.
One more question in this regard, we have not paid salary to directors for Financial Year 2009-10 till date and also not deposited TDS What are the implications with regard to issue of form 16, if we deposit TDS by 31st May but salary cannot be paid by that time

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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02 May 2010 you cannot issue the form 16 without TDS payment.so you need to wait up to the payment of Salary and deduct the TDS and pay and issue the certificate but if you can pay tds with in the 31.5.2010 you can issue the TDS but with payment of salary you are issuing tds certificate how the the employee will react?

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Honey

Honey (Querist)
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02 May 2010 Sir one last question there won't be any legal implication involved if we dont pay tds as salary has not been paid

taxindiaconnect

taxindiaconnect (Expert)
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05 May 2010 Agreed with Ramesh on these points a nice reply

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Form 16 dated 30 Apr but TDS deposited in 31 May

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