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June 2011

Direct Taxes

By Pinky Shah
Sonalee Godbole
Gaurang Gandhi
Chartered Accountants
Reading Time 1 mins
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The CBDT has prescribed a new procedure for the above as under:

For deductions made during the current financial year viz. 2011-12, by companies including banking companies, banks, financial institutions including co-operative societies engaged in banking business, the deductors shall issue TDS certificates generated from the central system of the TIN website which can be downloaded and authenticated using either the digital signature or manual one. For other deductors for the current fiscal this facility is optional viz. they can issue a manual TDS certificate else follow the above procedure.

For deductions made in last year viz. 2010-11, all the deductors have the option of either downloading the Form 16A from the website or issuing a manual one.

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