There are many Deductors who have filed TDS Statements for different quarters but not yet downloaded TDS Certificates (Forms 16/ 16A) from TRACES portal should download the same immediately to avoid Penal Consequences.
Downloading of TDS Certificates from TRACES made mandatory: In this regard, your attention is invited to the CBDT circulars 04/2013 dated 17.04.2013, CBDT Circular No. 03/2011 dated 13-5-2011 and CBDT Circular No. 01/2012 dated 9-4-2012 on the Issuance of certificate for Tax Deducted at Source in Form 16/16A as per IT Rules 1962. It is now mandatory for all deductors to issue TDS certificates after generating and downloading the same from “TDS Reconciliation Analysis and Correction Enabling System” or (https://www.tdscpc.gov.in) (hereinafter called TRACES Portal).
TDS Certificates downloaded only from TRACES hold valid: In view of above circulars, it may kindly be noted that the TDS Certificates downloaded only from TRACES Portal will be valid. Certificates issued in any other form or manner will not comply to the requirements referred in the Income-tax Act 1961 read with relevant Rules and Circulars issued in this behalf from time to time.
Due Date for Issuance of TDS Certificates and Penalty for non-compliance u/s 272A: Please be advised that under the provisions of section 203 of the Income Tax Act, 1961 read with rule 31A, Certificate of tax deducted at source is to be furnished within fifteen (15) days from the due date for furnishing the statement of tax deducted at source. Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.
|FORM NO.||PERIODICITY||DUE DATE|
|Form 16–TDS on salary||Annual||By 31st day of may of the financial year immediately following the financial year in which the income was paid and tax deducted|
|Form 16A-TDS on non salary||quarterly||Within 15 days from the due date for furnishing the statement /return of tax deducted at source|
All the deductor shall issue form 16 A generated or downloaded from TIN central system and authenticate the same either by using digital or manual signature.
(Republished with amendments)