9911796707
TMI BlogIssue of certificate for TDS under various provisions of the Income-tax Act, 1961--Discontinuance of form No. 16B--RegardingX X X X Extracts X X X X X X X X Extracts X X X X ..... , 1991, vide the Income-tax (Sixth Amendment) Rules, 1991, notified under S. O. No. 148(E), dated 28th February, 1991 (see [1991] 188 ITR (St.) 89). 2. In the light of the experience gained from the use of Form No. 16B and with a view to further streamlining the work of issue of certificates for tax deducted at source, the Central Government have decided to discontinue the use of Form No. 16B and to substitute it with Form No. 16A with effect from 1st July, 1993. In other words the TDS Certificates which were required to be issued in Form No. 16B, will now be issued in Form No. 16A, with effect from 1st July, 1993. For this purpose, rule 31 of the Income-tax Rules, 1962, has been suitably amended by the Income-tax (Eleventh Amendment) Rule ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BB relating to winnings from horse races ; (f) section 194C, relating to payment to contractors and sub-contractors ; (g) section 194D relating to insurance commission ; (h) section 194E relating to payment to non-resident sportsmen/sports associations ; (i) section 194EE relating to payment in respect of deposits under the National Savings Scheme ; (j) section 194F relating to payment on account of repurchase of units by a mutual fund or the Unit Trust of India ; (k) section 194G relating to payment of commission, remuneration or prize on sale of lottery tickets ; (l) section 196 relating to payment on other sums to a non-resident or a foreign company ; (m) section 196A(2) relating to income of foreign company ; (n) section 196B r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s can be issued within one month from the close of the financial year in which deductions were made. Failure to issue these certificates within the prescribed time invites penalty under section 272A of the Income-tax Act at the rate of a minimum of Rs. 100 and a maximum of Rs. 200 for every day during which the failure continues. 4. According to the provisions of section 206 of the Income-tax Act, 1961, read with rule 37 of the Income-tax Rules, 1962, the person responsible for deducting tax under any of the provisions of Chapter XVIIB of the Income-tax Act is required to file an annual return of tax deducted at source, within the prescribed time, after the end of financial year during which deduction is made. For ready reference the table ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Mutual Fund or Unit Trust of India" 26G June 12. Annual return of deduction of tax under section 194G from "Commission, etc., on sale of lottery tickets" 26H June 13. Annual return of deduction of tax under section 194H from "Commission, brokerage, etc." 26I June (N.B. Deduction of tax at source under section 194H was applicable during the period 1st October, 1991, to 31st May, 1992, only) It may be mentioned that if a person fails to furnish in due time, any of the aforesaid annual returns, he shall be liable to pay a penalty under section 272A of the Income-tax Act, 1961, at the rate of a minimum of rupees one hundred and a maximum of rupees two hundred for every day during which the failure continues, subject, however, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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