Dear Experts,
Is their any penal provision for not downloading form 16B of downloaded late, though tds on sale of immovable property is deducted and paid.
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Form 16b if not issued?
Replies (1)
1. Form 16B shall be issued within 15 days from the due date of furnishing Form 26QB [Sec. 203, Rule 31(3A)].
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2. If any person fails to furnish a certificate as required by sec. 203, he shall pay, by way of penalty, a sum of Rs. 100 for every day during which the failure continues [Sec. 272A(2)(g)].
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3. But, the amount of penalty shall not exceed the amount of tax deductible [First Proviso to sec. 272A(2)].
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