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Deductors must comply with their obligations to ensure correct credit to persons from whose income tax is deducted at source
July, 11th 2012
                                                                     "15"
                                                                pib.nic.in
                    PRESS INFORMATION BUREAU
                      GOVERNMENT OF INDIA
                               *****

   DEDUCTORS MUST COMPLY WITH THEIR OBLIGATIONS TO
 ENSURE CORRECT CREDIT TO PERSONS FROM WHOSE INCOME
             TAX IS DEDUCTED AT SOURCE

                                            New Delhi: Ashadha 19, 1934
                                                           July 10, 2012

     All deductors other than Government deductors must file their
quarterly TDS statement for the quarter ending 30th June 2012, on or
before 15th July 2012 and Government deductors must file their
statement on or before 30th July 2012. While submitting their
statements, the deductors have to choose correct and relevant form,
quote correct PAN against all entries and ensure that correct CIN/BIN is
quoted in the TDS statement. Non-quoting of PAN or TAN in TDS
statements or delay in filing of TDS statements may lead to levy of
penalty.

      Filing of TDS statement with correct PAN and CIN/BIN is
important because under Rule 37BA of Income Tax Rules, 1962 credit for
tax deducted at source is given to the deductees on the basis of TDS
statement furnished to the Income-tax Department by the deductor.
Filing of TDS statements with incorrect PAN or other details of the
deductee would, therefore, cause inconvenience to the deductees
(taxpayer).

      In case the income on which tax has been deducted at source is
assessable in the hands of a person other than the deductee, the
deductee must file a declaration with the deductor that credit for the TDS
shall be given to the other person and not to the deductee. The
declaration filed by the deductee must contain the name, address,
Permanent Account Number of the person to whom credit is to be given
and reasons for giving credit to such person. The deductor must, in the
TDS statement, report the tax deduction in the name of such other
person and also issue the TDS certificate in the name of the person in
whose name credit is shown in the TDS statement.

      TDS certificates for deductions on income other than salary income
(Form 16A) for the quarter ending 30th June 2012 should be issued on or
before 30th July 2012.


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