Dear Members
The IT department vide circular dated 31st May 2010 has amended the TDS rules. Accordingly revised Form 16 and Form 16A has been notified.
As per the amended rules TDS Certificate for Non-Salary cases has to be issued on Quarterly basis. This has become a tedious process for the accounts personnel of the deductors.
Kindly advise whether we can still continue to issue TDS Certificate Annually for Non-Salary cases after the end of the financial year. Will the issue of the certificate annually would be viewed very seriously by the department. What are the consequences a deductor has to face from thedepartment including the penalty.
with regards
R. Muralidharan
CAclubindia
