TDS Deduction on interest income of Depositor if mendatory then why Income Tax Department issue Form 15G or 15H. For what we use Form No. 15H/15G, the some conclusion are given bellow by Chartered Accountants.
The person deducting the tax at source is duty bound to:
The person deducting the tax at source is duty bound to:
- Deposit the tax deducted at source within prescribed time to the Government Treasury.
- File the Quarterly TDS return in respect of the Tax Deducted
- Issue the TDS Certificate to the Deductee within a prescribed time.
For non compliance of each and every part mentioned above, there is a separate penalty and consequences under the Income Tax Act-1961 as under:
- For non issuance of TDS Certificate within a prescribed time, penalty is imposable u/s 272A (2) @ Rs. 100/- per day during which the failure continues. However, the amount of penalty cannot exceed the amount of tax deductible/deducted.
- For non filing of TDS Return also, there is a penalty provision of Rs 100 per day.
[The recent Finance Bill-2012 has proposed a fee of Rs. 200/- per day for late filing of TDS Return. Besides, a penalty of Rs. 10,000/- to Rs. 1,00,000/- is proposed for non filing or inaccurate filing of TDS return. The amendment is proposed w.e.f 01.07.2012].
Without Quarterly TDS Return being filed by the Deductor, taxpayee/Tax Deductee will not be entitled for the Tax Credit in respect of TDS done from payment made to you. Also, unless and until the TDS return is filed by the Deductor, deductee will not be able to view the TDS Credit in Form No. 26AS.
There is a general grievance that in many cases the Bank and other Tax Deductor are either not filing the quarterly TDS return (or are not issuing the TDS certificate) despite many requests & reminders by the Deductees.
All the tax deducted & deposited in taxpayee account i.e. Tax Credit in Form No. 26AS should be check by registering PAN at www.incometaxindia.gov.in. In the absence of availability of TDS in form No. 26AS it would be difficult for the Assessing Officer to grant the TDS Credit.
Without Quarterly TDS Return being filed by the Deductor, taxpayee/Tax Deductee will not be entitled for the Tax Credit in respect of TDS done from payment made to you. Also, unless and until the TDS return is filed by the Deductor, deductee will not be able to view the TDS Credit in Form No. 26AS.
There is a general grievance that in many cases the Bank and other Tax Deductor are either not filing the quarterly TDS return (or are not issuing the TDS certificate) despite many requests & reminders by the Deductees.
All the tax deducted & deposited in taxpayee account i.e. Tax Credit in Form No. 26AS should be check by registering PAN at www.incometaxindia.gov.in. In the absence of availability of TDS in form No. 26AS it would be difficult for the Assessing Officer to grant the TDS Credit.
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