Late issue of tds certificate

Can anyone tell me What is the Time Limit for Issuing Form 16 & 16A and what are the consequenses for late issue or not-issuing.

Replies (3)

Dear Naveen,

       Time Limit for Issuing Form 16 & 16A -within 1 month from the end of the month in which TDS was deducted. ( For  March 31st entries- within 1week from the end of 2month in which amount is credited.

 If deductor do not issue or late issue form 16a, then as per Income Tax Act, Penalty of Rs. 100/- per day for Late Period can be imposed. Therefore, to avoid any complication or penalty we should issue form 16A in time.

 

In case of Form 16A: Within 15 days from the due date for furnishing quarterly TDS statements.

In case of Form 16:By 31st day of May of the financial year immediately following the financial year for which salary was paid.

Penalty for non-issuance of TDS certificate situation will arise very rarely. It happens on approach of the party to whom TDS certificate is to be issued to IT Department mentioning the facts. However, before the party approaching the department, it has to physically write to the deductor to issue the certificate.

Agree with Srikar Babu

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