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Tax Deducted at Source

LIABILITY IN CASE OF NON ISSUANCE

   
 

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.