Necessity for issue of form 16/16a if shown in 26as

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Querist : Anonymous

Querist : Anonymous (Querist)

24 October 2013 DEAR EXPERTS

IS IT NECESSARY FOR ISSUE OF FORM 16A/16 IF IT IS REFLECTED IN 26AS OF DEDUCTEE ON THIS CAN I.T DEPARTMENT LEVY PENALTY ON NON-ISSUE OF CERTIFICATES

Ganeshbabu K

Ganeshbabu K (Expert)

27 October 2013 1)Form 16 has to be issued annually By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted
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2)Form 16A has to be issued quarterly Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A
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3)As per Circular No. 01/2012 dated 09.04.2012, it mandatory for all deductors to issue TDS certificate in Form No. 16A after generating and downloading the same from TRACES website.
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4)even we received notice to some of clients asking reason for not registering in traces and expressed a doubt whether we are issuing tds certificates or not
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so register in traces immediately and download and issue tds certificates from traces

Ganeshbabu K

Ganeshbabu K (Expert)

27 October 2013 Failure to issue TDS certificate within the time allowed, attracts penalty of Rs. 100/- per day of default (Sec 272A(2)(g)). However, penalty will not exceed the amount of tax deductible or collectible, as the case may be
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kindly refer below link for detailed

https://blog.tdsman.com/2013/07/consequences-of-tds-defaults/

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