Income tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 April 2014 IF PERSONS INCOME IS LESS THAN TAXABLE INCOME AND HE DO NOT HAVE A PAN NO , BUT BANK SAID WE WANT PANT NO OTHERWISE WE WILL DEDUCT HIGHER RATE OF TAX THEN WHAT RATE CHARGE BY BANK FOR TDS PURPOSE AND WHAT CAN ASSESSEE DO IN THIS CASE TO SAFE FORM BANK ACTION.TELL ME IN CONTEXT OF FORM 15 J.

Rupesh Jain

Rupesh Jain (Expert)
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18 April 2014 yes if you have no PAN then bank will deduct the higher rate @ 20%

pls apply for pan then bank take 15G/H form.

CA.Vinita Gupta

CA.Vinita Gupta (Expert)
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18 April 2014 Since last year lots of Banks are not opening account if PAN is not furnished. Agreed with the reply of Rupesh if PAN is not furnished then TDS @ 20% will be deducted. In case your Income is below the Taxable limit please furnish Form 15G/H to the Bank