(MENAFN- KNN India) Deadline for employers to provide Form 16 is May 31
New Delhi, May 24 (KNN) The deadline for employers to provide Form 16 to show total TDS on income is now May 31.
The last date for the employers to share the form 16 with the employees is 31st May of the financial year immediately following the financial year in which income tax was paid and tax deducted.
In case there is no TDS deducted, the employer need not issue the TDS certificate in Form 16.
In Budget 2016, the due dates for submission of TDS Returns were extended. But no extension has been announced for Form 16 yet.
Under section 203 of the Income Tax act, 1961 read with rule 31 of the income tax rules 1962, it is mandatory to furnish Form 16 to the employee whether it is the present or any previous employer.
In case the employer fails to do so, the employer is liable to pay the penalty under section 272A (2) (g) of the Income Tax act.
Under tax laws applicable from this fiscal, a late fee of Rs 5,000 will be imposed if one files after July 31, 2017 and Rs 10,000 if one files after December 31, 2017.
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