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Form no.16

11 August 2019

is it mandatory to the employer to issue form no.16 downloaded from Traces?
What is penalty if it is not issued by downloading from Traces ?

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3 Replies

Pankaj jakhar (trainee) (151 Points)
Replied 11 August 2019

It is mandatory

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ASHUTOSH (CA ) (23 Points)
Replied 11 August 2019

employer should issue the forms by 31 May after the end of the relevant financial year in which the income was paid and tax deducted. And if the forms are not issued by then, under section 272A(2)(g) of the I-T Act, the employer is liable to pay a penalty of 100 per day of default till it issues the form.

Employees can approach the accessing officer (AO), under whose jurisdiction she has to file her ITR, and give a written complaint against the defaulting employer. Based on the complaint, the AO may take appropriate action or initiate penalty proceedings against the employer.