Avoide Penalties, Issue TDS Certificate on or before 30th July, 2014 of Q1 for Asstt. Year 2015-16

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.

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)

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