Today we are discussing on various Time Limit of Issuing TDS Certificate and filing TDS Return. Form 16,16A & 27D are Certificates while Form 24Q, 26Q, 27Q & 27EQ are TDS/TCS statements. in that we are discuss on time limit of filing the TDS return, penalty for not filing the TDS return,time limit of generating TDS certificate ,penalty of not generating tds certificates on time.
TIME LIMIT OF ISSUING TDS CERTIFICATES
FORM 16: TDS ON SALARY PAYMENT CERTIFICATE
Form 16 is a certificate issued under section 203 of the Income tax act, 1961. This certificate is issued by the deductor (Employer) to the Deductee (Employee). This certificate can be present as a proof of Tax deduction.It is issued by the person deducting the TDS to the person whom TDS has been deducted.
Time limit of Issuing TDS Certificate – It has to be apply with in 15 days of filing the TDS Return( Form 24Q).
FORM 16A: TDS ON OTHER THAN SALARY PAYMENT CERTIFICATE
Form 16A is a certificate issued under section 203 of the Income tax act, 1961. This certificate is issued by the deductor to the Deductee. This certificate can be present as a proof of Tax deduction.
Time limit of Issuing TDS Certificate- It has to be apply with in 15 days of filing the TDS Return (Form 26Q).
Penalty for not issuing TDS Certificate on time
Penalty – penalty for not giving form 16 Salary payment certificates will be Rs. 100/- per day or TDS amount whichever is higher.
FORM 27D: TAX COLLECTED AT SOURCE CERTIFICATE
Form 27D is a certificate issued under section 206C(5) of the Income tax act, 1961. This certificate is issued by the collector to the collectee. This certificate can be present as a proof of Tax deduction.
TIME LIMIT OF FILING TDS RETURN
FORM 24Q: QUARTERLY TDS STATEMNT IN RESPECT OF SALARY
Every Employer who is deducting TDS on payment of salary to employee is required to deposit the TDS deducted to Central Government & File TDS return.
Time Limit – Form 24Q is statement of TDS on Salary which is filed quarterly.
FORM 26Q: QUARTERLY TDS RETURN IN RESPECT OF PAYMENT OTHER THAN SALARY
Every Person who is deducting TDS on payment of expenses other than salary is required to deposit the TDS deducted to Central Government & File TDS return.
Time Limit – Form 26Q is statement of TDS on Payment other than Salary which is filed quarterly.
FORM 27Q: QUARTERLY TDS STATEMNT IN RESPECT OF PAYMENT OTHER THAN SALARY FOR NRI/FOREIGNERS
This form is similar to Form 26Q on difference is that form 26Q is used for domestic assessee while form 27Q is used for NRI. Every Person who is deducting TDS on payment of expenses other than salary is required to deposit the TDS deducted to Central Government & File TDS return.
Time Limit – Form 26Q is statement of TDS on Payment other than Salary which is filed quarterly
Fees for not filing TDS return on due date
Fees – Fees for not filing the TDS return will be Rs. 100/- per day or TDS amount whichever is higher
FORM 27EQ: QUARTERLY TCS STATEMNT
Every Person who is deducting TCS on payment of Sales is required to deposit the TCS deducted to Central Government & File TDS/TCS return.
Form 27EQ is statement of TCS on Payment of sales which is filed quarterly.
DIFFERENCE IN FEES AND PENALTY
Penalty levied by the department can be waive off or some changes in penalty amount is possible by giving the reason of failure to the officer. but fees levied by the government cannot be waive off.It is an fixed amount assessee has to submit to the government.
After reading that information on TDS CERTIFICATES AND TDS RETURN hope all of you will timely made all the compliance. and you will save the fees and penalty of not complying on TDS CERTIFICATES AND TDS RETURN.
