28 January 2015
we are listed company, whether it is mandatory to issue TDS certificates to vendors, what is consequences for non issue, and when to issue
28 January 2015
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 TRACES Portal.
Due Date for downloading and Penalty for non-compliance: 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
12 February 2015
1)As per rule 31A Deductor is required to issue TDS Certificates with in 15 days from the end of due date for each quarter. . . 2)SO you need to download tds certificates from TRACES with in above due date.
3)Failure to issue TDS certificate within the time allowed, attracts penalty of Rs. 100/- per day of default (Sec 272A(2)(g)).
4) However, penalty will not exceed the amount of tax deductible or collectible, as the case may be.
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