02 October 2021
Dear Sir, We have filed TDS return Forn 26Qfor Fy 201819 on time But for Q3 we request download Form 16A in TRACES and request number is also generated but missed out to download Form 16A. Only one chla of Rs. 500 was there now almost 2 and half year passed. Is there will be penalty of Rs. 100 per day till today or max. amt of Rs. 500(tds amt). Please reply we are very worried for this missed out. No record in traces for the request number otherwise we could have downloaded from that. Pl pl reply at earliest. Thank you in advance.
09 July 2024
If you missed downloading Form 16A from TRACES within the stipulated time, here's how the penalties typically apply:
1. **Late Payment Fees**: If TDS is not deposited on time, a late payment fee is charged. This is separate from penalties related to non-filing or late filing of TDS returns.
2. **Penalty for Late Filing of TDS Returns**: If you file your TDS return late, the penalty under Section 234E of the Income Tax Act applies. The penalty is ₹200 per day for each day the return is late, subject to the amount of TDS deducted.
Since you mentioned that you filed the TDS return on time but missed downloading Form 16A, there's usually no specific penalty mentioned for late downloading of Form 16A. However, it's essential to have Form 16A for issuing to deductees.
Here’s what you can do: - **Check TRACES**: Log in to TRACES and check if the request number for Form 16A download is still available. Sometimes, records are maintained for a period. - **Contact TRACES Support**: If the record is not available online, contact the TRACES support team. They may be able to provide assistance or guidance on retrieving the Form 16A. - **Issue Form 16A**: It's crucial to issue Form 16A to deductees for the TDS deducted. Ensure you have the correct details and provide Form 16A to the deductees promptly.
To avoid any future issues: - Regularly download Form 16A after filing each TDS return. - Maintain records of all TDS filings and communications with TRACES.
If there are specific concerns or penalties mentioned in the communication from the Income Tax department, it's advisable to consult a tax professional or directly contact the Income Tax department for clarification. They can provide specific guidance based on your situation and any notices received.
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