Kindly tell me is it mandatory to issue TDS certificate by the Deductor ?? And what are the consequences/ penalty for not issuing the same..??
Sidharth Shankar (Chartered Accountant) (118 Points)
25 June 2015Kindly tell me is it mandatory to issue TDS certificate by the Deductor ?? And what are the consequences/ penalty for not issuing the same..??
Rashi Bajaj
(CA)
(752 Points)
Replied 25 June 2015
Yes Mandatory, Penalty of Rs. 100 per dayof default till the penalty amount = TDS amount.
Sidharth Shankar
(Chartered Accountant)
(118 Points)
Replied 25 June 2015
can you pls give the reference under which section the said penalty is levied...??
Kunal
(CA Final)
(30 Points)
Replied 25 June 2015
In case a Charitable Trust having fixed deposits with a bank have not furnised PAN till F.Y. 2014-15 to the Bank and the Bank have deducted TDS @ 20% on the interest earned. Can the Trust ask for TDS certificates? Can Trust claim refund of such TDS as the income of the trust does not exceed basic exemption limit?
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