Can you please tell me that what is the last date to issue the form 16 A.
As per my knlowledge the dates are for issueing such certificate is 30 th April for form 16 and 30th June for issuing Form 16 A.
Some one told that we have to issue the forms with in 14 days after deposit of tax
Is there is any change in it please advice
Rajesh
Hemant Mittal
(Asst Manager)
(27 Points)
Replied 19 July 2008
| Originally posted by :Rajesh | ||
| " | Can you please tell me that what is the last date to issue the form 16 A. As per my knlowledge the dates are for issueing such certificate is 30 th April for form 16 and 30th June for issuing Form 16 A. Some one told that we have to issue the forms with in 14 days after deposit of tax Is there is any change in it please advice Rajesh |
" |
CA. BIJENDER KR. BANSAL
(ACA, B.COM)
(8148 Points)
Replied 19 July 2008
Dear Mr. Rajesh/ Hemant,
AS per Rule 31(3) , Tds certificate should, generally be issued within one month from the end of the month in which the sum is credited or paid.
Where TDS on interest other than interest on securities is requied to be deposited quarterly, Tds certificates may be issued within 14 days from the date of deposit of tax ( Rule 31(3) Third Proviso)
However, TDS certificate for salary i.e form 16 may be issued within 1 month from the end of financial year in which the tax is deducted or paid by the employer on behalf of the employee .( Rule 31(3) Second Proviso)
Where Tax has been deducted on the last date of the accounting year i.e 31st March, of the person making the payment u/s 194 C/ 194 J/ 194 A/ 194 I / etc then TDS ceftificate may be issued within a period of 2 months and one week from the month in which the tax is so deducted. ( Rule 31(3) First Proviso)
Consolidate TDS Certificates
Where more than one TDS certificate is required to be issued to a payee during the financial year , the person deducting the Tax, may on request from the such payee, issue within 1 month from the close of the year, a consolidated Tds certificate in Form no 16 A for that year .( Rule 31(3) Fourth Proviso)
Note : Where a consolidated Tds certificate is to be issued for the year, then the tax shall have to be deposited before issued of such certificate.
Thanks & Regards
CA. B.K.BANSAL
Thanks Sh Bansal for your valuable information.
Now I got the rule as per IT act. I am also pasting the IT rule for others
Thanks again
Ragards
Rajesh
_____________________________________________________________________________________________________
[Certificate of tax deducted at source 43[or tax paid under sub-section (1A) of section 192].
31. 44[(1) The certificate of deduction of tax at source 45[or, the certificate of payment of tax by the employer on behalf of the employee,] under section 203 to be furnished by any person deducting tax in accordance with the provisions of
(a) section 192 shall be in Form No. 16 46:
47[Provided that in the case of an individual, resident in India, where his income from salaries before allowing deductions under section 16 of the Income-tax Act, 1961 does not exceed rupees one lakh fifty thousand, the certificate of deduction of tax at source shall be in Form No. 16AA;]
48[(b) section 193, section 194, section 194A, section 194B, section 194BB, section 194C, section 194D, section 194E, section 194EE, section 194F, section 194G, 49[section 194-I,] 50[section 194J, section 194K,] 51[section 194LA,] section 195, section 196A, section 196B, section 196C and section 196D shall be in Form No. 16A.]]
(2) 52[* * *]
(3) The certificate mentioned in sub-rule (1) shall be furnished within a period of 53[one month from the end of the month during which the credit has been given or the sums have been paid or, as the case may be, a cheque or warrant for payment of any dividend has been issued to a shareholder]:
Provided that 54[where the income by way of interest on securities referred to in section 193 or the income by way of interest referred to in section 194A or the sum referred to in section 194C or the income by way of insurance commission referred to in section 194D or the payment to non-resident sportsmen or sports associations referred to in section 194E 55[or the income by way of commission, remuneration or prize on sale of lottery tickets referred to in section 194G or the income by way of commission or brokerage referred to in section 194H 56[or the income by way of rent referred to in section 194-I] 57[or the income by way of fees for professional or technical services referred to in section 194J] or the interest or any other sum referred to in section 195 or the income of a foreign company referred to in sub-section (2) of section 196A] or the income from units referred to in section 196B] 58[or the income from foreign currency bonds or shares of an Indian company referred to in section 196C] 59[or the income of Foreign Institutional Investors from securities referred to in section 196D] is credited by a person 60[to the account of the payee as on the date up to which the account of such person] are made, the certificate under sub-rule (1) shall be issued within a week after the expiry of two months from the month in which income is so credited:
Provided further 61[that the certificate in the case of deduction of tax under sub-section (1) of section 192 or, payment of tax by the employer on behalf of the employee, under sub-section (1A) of that section] 62[or section 194D] may be furnished within one month from the close of the financial year in which such deduction was made:
63[Provided also that the certificate in cases, other than those mentioned in the second proviso, where payment of income-tax deducted is permitted quarterly in accordance with clause (a) of the proviso to clause (b) of sub-rule (1) of rule 30 may be furnished within fourteen days from the date of payment of income-tax:]
64[Provided also that where more than one certificate is required to be furnished to a payee for deductions of income-tax made during a financial year, the person deducting the tax, may on request from such payee, issue within one month from the close of such financial year a consolidated certificate in Form No. 16A for tax deducted during whole of such financial year.]
(4) Where in a case, the TDS certificate issued under this rule is lost, the person deducting tax at source may issue a duplicate certificate of deduction of tax at source on a plain paper giving necessary details as contained in Form No. 16 65[or Form No. 16A 66[* * *], as the case may be].
(5) The Assessing Officer before giving credit for the tax deducted at source on the basis of duplicate certificate referred to in sub-rule (4), shall get the payment certified from the 67[Assessing Officer] designated in this behalf by the Chief Commissioner or the Commissioner and shall also obtain an Indemnity Bond from the assessee.]
Dear Sir,
I am a management professional, working with an indian company. I have discontinued from my current employer, in between the FY 08-09. Now, what is the procedure for the issuance of F-16 for the tenure in FY 08-09 (Around 4 months). I have followed up with my previous employer, but not getting any concrete reply.
Would I be issued the F-16 at the end of Financial Year or they can issue me now as well?
What is the min or max time they can take, legally, to issue me the same (after I have left the organization)?
In case they mis-guide me, what can be the way forward?
Look forward to have the answer of my queries.
Regards
Pankaj
| Originally posted by :Guest | ||
| " | Dear Sir, I am a management professional, working with an indian company. I have discontinued from my current employer, in between the FY 08-09. Now, what is the procedure for the issuance of F-16 for the tenure in FY 08-09 (Around 4 months). I have followed up with my previous employer, but not getting any concrete reply. Would I be issued the F-16 at the end of Financial Year or they can issue me now as well? What is the min or max time they can take, legally, to issue me the same (after I have left the organization)? In case they mis-guide me, what can be the way forward? Look forward to have the answer of my queries. Regards Pankaj |
" |
AS per Rule 31(3) , Tds certificate should, generally be issued within one month from the end of the month in which the sum is credited or paid.
You have to furnish a form (12 B) regarding information of previous employer and submit to your current employer.
Please don't worry now you need not to submit any encloser with your return
Issuance of form 16 is a legal liability of employer to fail he has to pay penalty for this. Fopr further information please refer www.incometaxindia.gov.in
Rajesh
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
