When to expect Form 16A from bank?

Sl.	Month	Interest	TDS	Interest After TDS	TDS Filing Due Date for Bank	Form 16A available on/from (TRACES)	Reflected on 26AS on/from (TRACES)
01	APR	30,000	3,000	27,000	?	?	?
02	MAY	30,000	3,000	27,000	?	?	?
03	JUN	30,000	3,000	27,000	?	?	?
04	JUL	30,000	3,000	27,000	?	?	?
05	AUG	30,000	3,000	27,000	?	?	?
06	SEP	30,000	3,000	27,000	?	?	?
07	OCT	30,000	3,000	27,000	?	?	?
08	NOV	30,000	3,000	27,000	?	?	?
09	DEC	30,000	3,000	27,000	?	?	?
10	JAN	30,000	3,000	27,000	?	?	?
11	FEB	30,000	3,000	27,000	?	?	?
12	MAR	30,000	3,000	27,000	?	?	?

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 22 June 2017

Generally Form 16 A grnerated upto 15 June.Bank have their own formalities.

So most probably they will issue upto 30 June or you can ask him.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 22 June 2017

............Return filing LD....26AS reflation LD......F16 down load LD

Q1 Apr-June 17 31 July, 2017 05/08/2017 15/08/2017

Q2 July-Sep 17 31/10/2017 05/11/2017 15/11/2017

Q3 Oct-Dec 17 31/01/2018 05/02/2018 15/02/2018

Q4 Jan-Mar 18 31/05/2018 06/06/2018 15/06/2018

2 Like

CA Rashmi Gandhi (Chartered Accountant) (86323 Points)
Replied 22 June 2017

Agreed with Dhirajlal Rambhia Sir
Not read question correctly.

1 Like

Kushal Pande (CFO) (256 Points)
Replied 23 June 2017

As usual, excellent reply from Dhirajlal Rambhia ji. Thanks a lot.

Please check the following table to see if my understanding is correct:

Quarter (FY 17-18)	Month	TDS Filing Due Date for Bank	Reflected on 26AS on/from (TRACES)	Form 16A Final Date w/o Penalty available on / till (TRACES)
Q1	APR-17	31-Jul-2017	5-Aug-2017	15-Aug-2017
	MAY-17
	JUN-17
Q2	JUL-17	31-Oct-2017	5-Nov-2017	15-Nov-2017
	AUG-17
	SEP-17
Q3	OCT-17	31-Jan-2018	5-Feb-2018	15-Feb-2018
	NOV-17
	DEC-17
Q4	JAN-18	31-May-2018	5-Jun-2018	15-Jun-2018
	FEB-18
	MAR-18

So if an individual has a Fixed Deposit (FY 17-18) with monthly payout and TDS is being deducted by the Bank on interest credited for each month, he/she should ideally get the TDS Certificate (Form 16A) from Bank for each Quarter after 15-Aug-17, 15-Nov-17, 15-Feb-18 and 15-Jun-18 respectively. Right?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 23 June 2017

Dear friend,

Try to understand that these are the estimated dates calculated based on some rules of department, like the last date of filing TDS returns and the last date to download form 16A from the site. The department charges penalties like Rs. 200/- per day for late filing return etc........

Recently a leading bank filed the Q4 return (for some of the customers) on 5th June,2017 with penalty, and I got its reflection on 26AS on 10th June, so ...........

Secondly, the deductor bank need not wait till last day to download form 16A, and may even dispatch it by mail much before the last date. I mean, the last column " Form 16A available on/from (TRACES)" should be read as: "Final Date upto which Form 16A available on Traces without penalty"...........

So, take practical approach to the issue, and do not make it a RULE.........

Thanks for appreciation and co-operation to understand the table in broad sense........

Good Luck........

1 Like

Kushal Pande (CFO) (256 Points)
Replied 23 June 2017

Understood.

Thanks so much for the detailed explanation. Very much appreciated.

babugr (dgm) (509 Points)
Replied 23 June 2017

Dear Sir,

The above dates indicate that anyone having bank transactions like FD etc. would not be in a position to file IT returns before the month of June of AY. I fail to understand why IT dept advertises that one should file early (while it is impossible to file in April due to quarterly upload is permitted till June).

GR Babu

1 Like

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 23 June 2017

That is the irony of the words and deeds !!!

At least those expecting no TDS in Q4 can reduce their tension early.......

1 Like

Kushal Pande (CFO) (256 Points)
Replied 30 August 2017

Dhirajlal ji,

Now a new issue has cropped up.

Bank says that they have already dispatched Form 16A for the 1st quarter by mail. But I still haven't received it.

When I asked the Bank to issue Form 16A/printout directly to me, they denied right away.

How can the TDS deductor not issue Form 16A/printout directly when asked for? Can any action be taken against the Bank in such cases?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 31 August 2017

First of all there is no need of the TDS form 16A, as the same details are available in form 26AS.

Even assessing office accepts form 26AS for any tax credit mismatch; so the importance of form 16A is completely lost.

Yes, it is the duty of the deductor to issue form 16A as downloaded from TRACES to deductee within stipulated time...... but it is now-a-days mailed...... so, if you have provided proper mail address, bank will surely sent it or even resend it; but to issue hard copy........ (here the business relation counts....... including other factors like ego-issue etc. etc....) .... usually banks issue such print-outs without any issue.

As per legal aspect Read:

The relevant extract of Rule 31 of the Income Tax Rules, 1962 is as follows:

“Rule 31. Certificate of tax deducted at source. ...........

(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 or Form No.16A, 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 Assessing Officer designated in this behalf by the Chief Commissioner or the Commissioner and shall also obtain an Indemnity Bond from the assessee.”

1 Like

Kushal Pande (CFO) (256 Points)
Replied 31 August 2017

Sir, thanks a lot for the explanation.

I'm certain that ego-issue like you said, is the cause here. As I have been doing online FDs instead of going directly to the bank and filing up forms, the commission % has gone, so there it is!

Can the following stand be taken in my letter to the bank:

This letter is to bring to your attention that I have NOT received the TDS certificate (Form 16A) meant for the First Quarter (April, May and June) of Financial Year 2017-2018 through mail or any communication for that matter.

Since the Bank is the TDS deductor, the Bank is required to issue Form 16A to the deductee u/s 203 of the Income Tax Act for deducting tax u/s 194A. Failure to issue TDS certificate u/s 203 of the I.T Act attracts a penalty of Rs. 100/- u/s 272A(2)(g) of the I.T Act per day for the number days during which the failure continues subject to maximum of the TDS amount.

If you fail to issue the TDS Certificate/Form 16A for the First Quarter of F.Y 2017-2018 directly to me within 7 days from the date of this letter, I would have no recourse but to file an appeal before C.I.T (TDS) and also involve the appropriate authority under the I.T Act to take action against the Bank u/s 272A(2)(g) of the I.T Act.

?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (178226 Points)
Replied 31 August 2017

I would simply say........ this is not my procedure...... This sort of language is not required at first stage; specifically when the issue has no value........ I would reply in silence...... not reacting to the action.......... would check that I get updated my e-mail ID...... so that my future certificates follow in inbox.......... and for rest use Form 26AS.

(Personally, I do not suggest to bank with a banker where you do not get business like relationship/atmosphere, and where you have to utter such legal language...... when so many options are available !!!)

1 Like

Kushal Pande (CFO) (256 Points)
Replied 31 August 2017

Sir, thanks again for taking the time and effort you put in, in your replies. Very much appreciated.

As per your advice, I have decided not to pursue that line of action. My email is already updated with the bank and correct deductions show up in my 26AS.

Kushal Pande (CFO) (256 Points)
Replied 31 August 2017

Originally posted by : Dhirajlal Rambhia
	(Personally, I do not suggest to bank with a banker where you do not get business like relationship/atmosphere, and where you have to utter such legal language...... when so many options are available !!!)