Tds
This query is : Resolved
10 May 2012
what is the latest provisions applicable for issuing tds certificate in form 16 & form 16A as applicable for the AY 2012-13
11 May 2012
Now it is mandatory for all type of deductors to issue form 16A(non salary tds certificate) only after downloaded the same from the TIN-NSDL website for tax deducted on or after 01.04.2012.Earlier this was mandatory for only companies ,Banks and co-operative societies engaged in Banking services with effect from 01.04.2011 through circular number 3/2011.
Form 16A downloaded from TIN-NSDL can be signed manually or can be authenticated through digital signature only.
Though this will be an increase in work load on small traders also but it is welcome step as it will reduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form 26AS. Moreover small traders are also not small now .TDS is to be deducted buy HUF and Individual only if their turnover/Receipt is during the immediately preceding year more than limit prescribed under section 44AB .Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25 lakhs for Professionals.
Tax department can track Date of download:Form 16A is to be issued within 15 days from due date of filing of TDS return .Now all deductors have to download the forms from tin-nsdl website and date of download can be stored by Income tax department. In manual Form 16A date of issue is generally given with in the due date irrespective of the actual issuance date but now it will be risk to put date earlier than download date.As per present software old date can also be given on form 16A downloaded from TIN-NSDL website. So manually field form 16A can not be issued for tax deducted on or after 01.04.2012. However form 16 salary can be issued without downloading from the TIN_NSDL site.
Form 16A downloaded from TIN-NSDL can be signed manually or can be authenticated through digital signature only.
Though this will be an increase in work load on small traders also but it is welcome step as it will reduce arbitrary demands by department due to mismatching of TDS claimed and TDS shown on form 26AS. Moreover small traders are also not small now .TDS is to be deducted buy HUF and Individual only if their turnover/Receipt is during the immediately preceding year more than limit prescribed under section 44AB .Present limit for FY 2012-13 is proposed to be increased to 1 crore for business and 25 lakhs for Professionals.
Tax department can track Date of download:Form 16A is to be issued within 15 days from due date of filing of TDS return .Now all deductors have to download the forms from tin-nsdl website and date of download can be stored by Income tax department. In manual Form 16A date of issue is generally given with in the due date irrespective of the actual issuance date but now it will be risk to put date earlier than download date.As per present software old date can also be given on form 16A downloaded from TIN-NSDL website. So manually field form 16A can not be issued for tax deducted on or after 01.04.2012. However form 16 salary can be issued without downloading from the TIN_NSDL site.
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11 May 2012
Refer this CIRCULAR NO. 01/2012 [F.NO. 276/34/2011-IT(B)], DATED 9-4-2012
From 1st April 2012, Each and Every deductor can download form 16A through TIN website and can authenticate via digital signature.
Thanks
Mihir Doshi
From 1st April 2012, Each and Every deductor can download form 16A through TIN website and can authenticate via digital signature.
Thanks
Mihir Doshi
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