TDS Certificates in Form No.16A Changed For FY-2009-10
As you may be aware that the provisions for Tax Deduction and collection at source are in fact onerous to the person entrusted with the prescribed duties and in fact help the Income Tax Department recover at source a substantial percentage of direct taxes entrusting the duty of tax deduction at source with persons responsible for paying income in forms of salary, interest, contract amounts, winning from lottery or house rents, commission, fees for technical and professional services and other sums to non-resident etc.
These persons are required to furnish within prescribed time certificates for tax deduction to payees and also to file returns with tax authorities. In case of defaults or non-compliance with the provisions, huge burdens of penalty are laid and/or substantial mandatory interest is levied over the shoulders of the deductor. These persons are also liable to be prosecuted in criminal courts and or imprisonment for failure to deduct or deposit the tax so deducted at source.
The Department as is still not sure which certificate to be issued and thus has brought in a notification 09/ 2010 Dated. 18th February, 2010.wherein the Certificates has to be issued is the old one only whereas the Income Tax Department has issued a previous notification wherein new Form No.16A were introduced.
Download the latest Form No.16A. kindly Enable Macros for amount in Words.