My Bank has not issued TDS Certificate (For Q4) (Form 16A) for the Year 2017-18. I believe as per tax laws one has to issue it on or before 31st May for the fourth quarter.
Also, Form 26AS is not updated, it’s only showing up to 3rd quarter.
What is to be done here? Can one claim compensation also, if then how?
If your bank is deducting TDS on a quarterly basis, then they have to issue the TDS certificate to you within fifteen days from the due date for furnishing the statement of tax deducted at source under rule 31A. (Refer IT RULE).
As per section 203 of the Income Tax Act provides for a penalty for not issuing the TDS certificate. It has been provided that failure to issue TDS certificate within the time allowed, will invite a penalty of Rs. 100/- per day of default (Sec 272A(2)(g)). However, the penalty will not exceed the amount of tax deductible or collectible, as the case may be.
Hence, you first give in writing a complaint with bank that why there is a delay in issuing and when they issue. Let them give everything in writing. Once you get this (if not also), then knock banking ombudsman to complain.
So if the due date for the fourth quarter was 31st May 18, they have to issue the TDS to me on or before 15th June 2018, right?
Additionally, why isn’t the form 26AS (TRACES) getting updated, since the bank should have deducted the tax?
So the due date of deduction of tax for bank FD is 31st May 2018, so I can expect the TDS certificate to be generated on or before 15th June 2018, right?
Also, I’m suprised to see that form 26AS ( TRACES) is still not updated. Any thoughts why this has happened?