As per the Income tax
law every person deducting tax in accordance with the provisions of
Tax Deduction at Source shall, within such period as may be
prescribed from the time of credit or payment of the sum,
furnish to the person to whom such payment is made a certificate to
the effect that tax has been deducted, the rate at which the tax has
been deducted and such other particulars as may be prescribed.
The said provisions are equally applicable to in case of an employer
who has paid the tax on the non- monetary perks provided to his
employee.
In case of non
compliance of the above provisions of the act without having
reasonable cause to furnish a certificate as required by this section
attracts penalty under Section
272A (2). On the other hand any willful deliberations made towards
furnishing of false certificate, is an offence within the scope of Section
277 and abatement of same punishable under Section
278.
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