Income tax – TDS & TCS – Forms and Rules Changed
Time and mode of payment of TDS:
normally within one week from the end of the month in which deduction is made or income tax is due. AO can permit quarterly payment. TDS has to be paid electronically and a Form 17 furnished electronically.
Certificate of tax deducted at source:
the Certificates in Form 16 for salaries and form 16A for others, shall be furnished to the deductee within one week normally and within one month from the end of the financial year in which the payment is made to the deductee in certain other cases – within fourteen days from the date of payment of income-tax if the payment is made quarterly - within one month from the end of the month in which the deduction of tax at source is made, in all other cases.
Quarterly statement of deduction of tax or collection of tax:
Every person who has been allotted a tax deduction and collection account number under section 203A shall deliver, or cause to be delivered quarterly statements.
Similar provisions made for TCS. New Forms 16 and 16A have been notified.
CBDT Notification No. 31 /2009., Dated: March 25, 2009