Penalty for late issue of tds certificate

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NAVEEN GARG (Querist)

10 December 2011 Dear All,

Can anyone tell me that:
1. What is the time limit for issuing TDS Certificates, i.e., Form 16 & 16A.
2. What are the consequenses for late issue or not issuing.

Hari Beldona

Hari Beldona (Expert)

10 December 2011 For Form 16
Time limit:By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted

For FY 2010-11,Certificate should be given by 31.05.2011

For Form 16A

Time Limit:Quarterly,Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A.Yearly Forms can not be issued in any case.

For q4 (1/2011 to 3/2011) due date is 30.05.2011
Consequences
Form 16 & 16A
Penalty for Failure to issue Form 16 & 16A(section 272A):Employer shall be liable for a penalty at the rate of 100 for every day during which failure continues,if delay is without reasonable cause.Total penalty under section 272A,200(3),203,206,should not exceed the amount of tax deductible at source.

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