As per the circular of CBDT, due date to issue TDS certificates i.e. Form-16 or Form-16A is 30th May or 31st May, 2015 for the Financial Year 2014-15 to avoid penalties.
Last date for issuance of TDS certificates for Q4 of Fin.Year 2014-15 are as under:
- Form 16A (Non Salary) - 30th May 2015
- Form 16 (Salary) - 31st May 2015
Delay in issue of TDS certificate shall result in penalty of Rs. 100/- for each day of default not exceeding amount of tax deductible/collectible.
Consequences of TDS defaults
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.
Source: www.tdsman.com
