21 May 2012
IF TDS DEDUCTED BY BANK @ 10% ON INTEREST ON NON-PAN DEDUCTEES (AS THEY PROVIDED FORM 60) WHAT TO WRITE IN THE COLUMN OF PANNO. AND REASON FOR LOWER DEDUCTION IN FORM 26Q WHILE SUBMITTING TDS RETURN.
21 May 2012
simply "PANNOTAVAIL" There is no reason for lower deduction as form 60 has been filed it means that person has made the transactons which required to have PAN by that person and also required to quote that PAN for the transactions under rule 114B. Following is the link of rule 114B http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITRU&schT=rul&csId=21533008-bbb4-4f86-b609-9296e8b5223e&rNo=&sch=&title=Taxmann - Direct Tax Laws Under Section 194A Banking company required to deduct TDS only if Such amount during the financial year does not exceed Rs. 10,000.00(Sec. 194A(3)(i)(a). Sec. 206AA(1) and 206AA(6) makes it clear that the person entitled to receive such income if, fails to to provide PAN number then it render the responsibility to the person deducting such tax at the higher of the relevant rate or rate in force or 20%.
22 May 2012
Filing form No.60 has lost its relevance in today's scenario. Whether you file Form 60 or not you have to Deduct TDS @ 20% if PAN is not available.
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