Now a days all TDS Deductors want to avoide every consequences arising on behalf of this matter from Income Tax Department, therefore issue TDS Certificate on or before 30th July, 2014 of Q1 for Fin. Year 2014-15 and Asstt. Year 2015-16. The Last date to issue a TDS/TCS Certificates for Q1 of Fin. Year 2014-15 is 30th July, 2014. This last/due date is applicable for all deductors who are other than the office of the Government.
Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.
Delay in requesting certificates may involve a fine of Rs. 100 per day u/s 272(A)(g) subject to an upper limit of the tax deducted.
Failure to deduct taxes or wrong deduction of TDS (non deposit, short deposit or late deposit):
Default/ Failure
|
Section
|
Nature of Demand
|
Quantum of demand or penalty
|
Failure to deduct tax at source
|
201(1)
|
Tax demand
|
Equal to tax amount deductible but not deducted
|
201(1A)
|
Interest
|
@1 % p.m. of tax deductible
| |
271C
|
Penalty
|
Equal amount of tax deductible but not deducted
| |
Failure to deposit tax at source
|
201(1)
|
Tax demand
|
Equal to tax amount not deposited
|
201(1A)
|
Interest
|
@1.5% p.m. of tax not deducted
| |
276B
|
Prosecution
|
Rigorous imprisonment for a term for a minimum of 3 months which may extend to 7 years and with fine
| |
Failure to apply for TAN No. u/s 203A
|
272BB
|
Penalty
|
Rs. 10000
|
Failure to furnish prescribed statements u/s 200(3)
|
272A(2)(k)
|
Penalty
|
Rs. 100 every day during which the failure continues subject to maximum of TDS amount
|
Failure to issue TDS certificate u/s 203
|
272(A)(g)
|
Penalty
|
Rs. 100 every day during which the failure continues subject to maximum of TDS amount.
|
Failure to furnish statement of perquisite or profit in lieu of salary u/s 192(2C)
|
272(A)(i)
|
Penalty
|
Rs. 100 every day during which the failure continues subject to maximum of TDS amount
|
Failure to mention PAN of the deductee in the TDS statements and certificates
|
272B
|
Penalty
|
Rs. 10000
|
If
TDS return is not filed within the specified due dates being 15th July,
2013 for the 1st quarter corresponding to FY 2013-14, the major
consequences would be levy interest.
However
in case of payments made under sec. 194A, 194C, 194H, 194I and 194J in
respect of individual and HUF, only if the turnover or professional
receipt exceeds sum of Rs. 1 Crore or Rs. 25 Lacs respectively in
previous year, there is a requirement to deduct tax at source.
Please note:
It is now mandatory for all the deductors to issue the TDS certificates after generating and downloading the same from “TRACES”(www.tdscpc.gov.in). Refer to Circular no.3/2011 dated 13-5-2011, Circular No.1/ 2012 dated 9-4-2012 (in respect of 16A)
Download Form-16A from TRACES (Click Here)
