The Central Board of Direct Taxes (CBDT) has said that all deductors to issue the TDS certificate in Part B of Form no. 16 by downloading it through TRACES Portal. This will be applicable in respect of all sums deducted on or after April 1, 2018 under the provision of Section 192 of Chapter XVII-B provided that the relevant TDS Statement for the fourth quarter i.e., Form 24Q is furnished alongwith duly filled in Annexure II of Form 24Q as substituted.
In a Notification issued by the CBDT said that, “To ensure generation of accurate TDS certificate in Part B of Form No. 16, the deductor(s) need to report correct data in Annexure II of Form 24Q. The TRACES generated Form No. 16 shall have a unique TDS certificate number”.
“The deductor, issuing the TDS certificate in Form No. 116 by downloading it from the TRACES Portal, shall, before issuing to the deductee authenticate the correctness of contents mentioned therein and verify the same either by using manual signature or by using digital signature in accordance with sub-rule (6) of Rule 31”, the Circular also said.
The Notification also added that, The item nos. 2(f) and 10(k) in Part ‘1r (Annexure) of Form 16 required to be filled-in by the deductor manually shall be made available at the bottom of the TRACES generated Form 16 (Part B) and the deductor shall duly fill details, where available, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee.
While Conculding the Notification the department said that, The deductors who opt to authenticate Part B of Form No. 16 manually will be provided with the download of the Part B of Form No. 16 alongwith these item nos. 2(f) and 10(k) appearing at the bottom of the Form. The deductor shall duly fill details, where applicable, in item numbers 2(f) and 10(k) before furnishing of Part B (Annexure) to the employee. The deductors who opt to authenticate Part B of Form No. 16 using Digital Signature Certificate (DSC) will be provided with the download of Part B of Form No. 16 without item nos. 2(0 and 10(k) and therefore these details shall be required to be prepared by the employer and issued to the employee, where applicable, before furnishing of Part B to the employee.
Subscribe Taxscan Premium to view the Judgment
