S.ASWATH (Manager) (704 Points)
20 February 2012Is there mandatory for issuing form 16A generated from NSDL from F.y 11-12 if yes, for non issuing the form 16 a from nsdl is there any problem faced by deductor/ deductee
what is situation at the point of deductee for non obtaining the form 16 a generated from NSDL
Thanks in advance
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 24 February 2012
If a person makes any payment relating to Rent, professional fees, contractors payment, commission & the payment during the F.Y. exceeds the threshold related to the respective payment, then the payer has to deduct the tax at source. For instance if the professional fees exceeds Rs.30000 during the year then payer has to deduct tax at source.
As per Rule 31(1)(b), the payer has to furnish the TDs certificate as follows:
(3) The certificates in Forms specified in column (2) of the Table below shall be furnished to the employee or the payee, as the case may be, as per the periodicity specified in the corresponding entry in column (3) and by the time specified in the corresponding entry in column (4) of the said Table:—
Table
|
Sl. No. |
Form No. |
Periodicity |
Due date |
|
(1) |
(2) |
(3) |
(4) |
|
1. |
16 |
Annual |
By 31st day of May of the financial year immediately following the financial year in which the income was paid and tax deducted. |
|
2. |
16A |
Quarterly |
Within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. |
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