As we all are aware that the TDS return process will consider as incomplete until the Valid TDS certificate has been issued by the deductor. Now if we focus on the word Valid TDS Certificate, it means Form 16/ Form 16A issued by authenticated authority. As on the current date the TRACES have the authorisation to issue valid TDS certificate.
Now comes towards the due date for issuing TDS Certificate.
The TDS certificate to be issued by the deductor/collector contains the following details:
(a) Valid PAN of the deductee;
(b)Valid TAN of the deductor/collector ;
(c) Challan Identification Number (CIN), which is a number generated by a combination of BSR code of the bank where tax is deposited, date of deposit and the challan serial number allotted bythe bank;
(d) Receipt number of the relevant quarterly statement of TDS (i.e., TDS return).
Every deductor has to issue a certificate to the deductee in respect of tax deducted by him. Such certificate is generally referred to as TDS certificate. TDS certificate is to be issued in following form:
|Particulars||Form No.||Frequency of certificate issuance|
|TDS certificate in respect of tax deducted on salary||Form No. 16||Annually|
|TDS certificate in respect of tax deducted on payments other than salary||Form No. 16A||Quarterly|
Multiple payments can be clubbed in quarterly TDS certificate.
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.
CBDT has revised the due date for filing TDS returns and issuing TDS Certificates for FY 2019-20 (Q4) for Government and Non-Government Deductors due to COVID-19 pandemic situation.
The Revised Dates has been given below:
|Sl. No.||Nature of compliance||Revised Due Dates|
|1.||Form 16 for TDS on salary during FY 2019-20||15-08-2020|
|2.||Form 16A for TDS on income other than salary for Q4 of FY 2019-20||15-08-2020|
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(Republished with Amendments by Team Taxguru)