IT department directs non-government entities to file TDS statements by 15 July

The income tax department has asked non-government entities (deductors) to file their TDS (tax deduction at source) statements for the quarter ended 30 June latest by 15 July. Government entities have time till 30 July to file their TDS statement.

The IT authorities have directed tax deductors to file statements in the correct and relevant form, quoting correct PAN against all entries and to ensure that they quoted the correct challan identification number (CIN) or book identification number (BIN) in the TDS statement.

If PAN was not quoted properly in the TDS statements or there was a delay in filing of TDS statements it might attract a penalty, the department said in a release.

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.

In the case of incomes other than salary (Form 16A), the department said the TDS certificates of taxpayers for the quarter ended 30 June 2012 should be issued latest by 30 July 2012.