i have recd a notice u/s 272A(2)g of income tax act 1961 regarding penalty for late/no issuance of downloaded form 16 to be issued to the person whose tax has been collected within prescribed time limit as mentioned u/s 203/206c of IT act.
I want to know the prescribed time u/s 203/206c
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Notice of penalty under sec - 272a(2)g
Replies (4)
For TDS
Rule 31
TABLE
| Sl. No. | Form No. | Periodicity | Due date |
| (1) | (2) | (3) | (4) |
| 1. | 16 | Annual | By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted. |
| 2. | 16A | Quarterly | Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. |
TCS
37D. (1) The certificate of collection of tax at source under sub-section (5) of section 206C to be furnished by the collector shall be in Form 27D.
(2) The certificate referred to in sub-rule (1) shall specify:—
| (a) | valid permanent account number (PAN) of the collectee; | |
| (b) | valid tax deduction and collection account number (TAN) of the collector; | |
| (c) | (i) book identification number or numbers where deposit of tax collected is without production of challan in case of an office of the Government; | |
| (ii) challan identification number or numbers in case of payment through bank; | ||
| (d) | receipt number of the relevant quarterly statement of tax collected at source which is furnished in accordance with the provisions of rule 31AA. |
(3) The certificate in the Form No. 27D referred to in sub-rule (1) shall be furnished to the collectee within fifteen days from the due date for furnishing the statement of tax collected at source specified under sub-rule (2) of rule 31AA.
what to do in case of late return/revised return??
In such cases we can infer from the above provisions that TDS certificate has to be issued within 15 days from the actual date of filing of TDS return. Also there will be a delay of few days for the certificate to be available for download
Sir,
if in revised return we add new deductees and nullify previous deductes.than in such case their form16a will be generated after 30may.
will such a situation attract penalty?
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