Tds certificate

Jyothis (Article) (1127 Points)

12 July 2015  

Downloading of TDS Certificates from TRACES made mandatory:

Due Date for downloading and Penalty for non-compliance:  Failure to comply with the provisions of the Act will attract penalty under the provisions of section 272A of the Act, a sum of one hundred rupees for every day during which the failure continues.

Can any one explain the practical procedures for above.

Assume party A ->Company(Dedudctor) & Party B firm (Payee for income taxable)

In this case, is company under a statutory obligation to download tds certificate & issue same to party B.What if party B is not available to collect it or party fails to download with in the timelimit.

What is the purpose of this.