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Welcome To Contract Easily! ( Consult, Contract, Share,download Legal Matters Easily )
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Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Stamp paper is not included with this agreement and is for illustration purposes only. If e -stamp is applicable in your city you can order it during checkout.
Form No. 64 is used in India for issuing a certificate of tax deducted at source (TDS) under Section 203 of the Income Tax Act, 1961. It is typically issued by a person responsible for deducting TDS, such as an employer or a financial institution, to the individual from whose income the tax has been deducted. Here's a brief guideline on its use and common mistakes to avoid:
Usage:
Issuance of TDS Certificate: Form No. 64 is used to issue a certificate to the deductee (the individual from whose income TDS is deducted) for tax deducted and deposited to the government.
Required Information: Ensure that the form includes accurate details such as the deductee's name, PAN (Permanent Account Number), TAN (Tax Deduction and Collection Account Number) of the deductor, the nature and amount of income, and the amount of TDS deducted.
Submission to the Deductee: Provide the completed Form No. 64 to the deductee within the specified time frame, which is typically by the end of May of the financial year following the year in which TDS is deducted.
Common Mistakes to Avoid:
Incorrect Information: Ensure all details on the form are accurate and up-to-date, including the PAN and income details.
Delayed Issuance: Issuing the certificate after the due date can lead to penalties and inconvenience for the deductee.
Failing to Submit to Authorities: The deductor should also submit a copy of Form No. 64 to the income tax authorities as per the prescribed deadlines.
Incomplete Records: Maintain proper records of TDS certificates issued for future reference and tax filing.
Non-compliance: Follow the rules and regulations laid out by the Income Tax Act to avoid legal repercussions.
Form No. 64 is a crucial document for both the deductor and the deductee to ensure accurate reporting of TDS and tax compliance. By adhering to these guidelines and avoiding common mistakes, parties involved can fulfill their tax obligations effectively.