Here are some key purposes of the TDS Certificate:
- 1. Proof of tax deduction
- 2. Filing income tax return
- 3. Reconciliation of tax liability
- 4. Verification
- 5. Claiming tax credit
- 6. Record keeping etc.
Penalty for non - issuance of TDS Certificates:
If the deductor fails to issue TDS certificate by the deadline, he/she would be
fine Rs 100 per day delay for each certificate . But the penalty amount not
exceed the amount of TDS for the quarter.
These certificate are important for filing your income tax returns and claiming
any excess tax deduction as a refund.
Overall, TDS certificates play a crucial role in the
tax compliance process for
both individuals and businesses.