Annual TDS certificates (in respect of tax deducted for salary payments) for each quarter If tax has been deducted at source from the salary paid to employee, then the details of tax deducted at source (TDS) & deposited to bank has to be provided in Form 16.
Form 16 is the Salary TDS Certificate.
If the total income of the employee is Rs 2,50,000 or less, then Deductor need not have to deduct TDS and therefore, a Form 16 may not be issued to the employee.
Where the employer has failed to issue TDS certificateor or has failed to furnish the quarterly statement of tax in form 24Q, then a penalty of Rs. 100 is leviable for each day during the period for which default continues. The quantum of penalty is not to exceed the tax deductible.
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