TDS

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Deepak Choudhry (Querist)
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18 December 2009 What is the liability if a pvt ltd company does not issue form 16 to people on whose payments tax has been deducted ?

Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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18 December 2009 If company failed to issue 16 to Employees then they have to pay penalty for it. as non giving form 16 & non filling TDS and if not deposit their employees tds then interest also they have to pay as penalty.

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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18 December 2009 he shall be liable to penalty at the rate of 100 for every day during which the failures continues.

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Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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19 December 2009 As per section 272A(2)(g) penalty @ Rs.100/- per day during which the failure continues can be levied. But with effect from 01/04/2010 the requirement of issuing such certificate is done away with by the Finance Act,2008.

Deepak Choudhry

Deepak Choudhry (Querist)
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19 December 2009 Thanks a lot for your answers.
But as per section 272A the penalty of rs. 100 per day is for not filing the TDS return. Late payment of TDS only attracts payment of interest. What happens if i have deposited the TDS but i have not issued TDS certificates to the deductees for the AY 2010-11 ?

Kishanlal Paliwal

Kishanlal Paliwal (Expert)
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19 December 2009 I wish to have a query with Chackrapani sir that whether non issue of TDS certificate treated as non compliance of I.Tax/Finance Act provissions and penalty is attracted as prescribed??

The valuable guidence is welcome from all viewers!!!

Regards

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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20 December 2009 yes, Regarding , Non Isssue of TDS certificate by the Deductor Any penal provision, any body knows, Plese share