Please let me know that if PAN card has not been submitted to Bank , Bank deduct the TDS at higher rate. Now how to take credit of the same because in absence of PAN card the amount is not credited to particular PAN number.
I checked the AY 2011-12 ITR forms , there is no option as such. Please guide.
19 May 2011
If no PAN is submitted, then tax will be deducted at higher rate. In this case, the -payee will not get the benefit of the tax deducted. No credit will be allowed.
19 May 2011
Correct observation by Daruka Sir. If the bank revises its TDS return by mentioning your PAN against the said deduction the amount of TDS will get credited against your PAN and the same can be claimed by you in your IT return.
You will have to give your PAN no to the bank and request them to file correction statement of TDS return then you register with 26AS and see your income tax credit.
20 May 2011
There are many practical cases where bank is denying to revise the TDS returns. In this case, their stand is that the account holder should submit his PAN / 15G / 15H in time. The bank has huge number of payees and it cant revise its return each and every time a new payee comes with its PAN. Its better now that you submit your PAN for future use by the bank. But there is hardly any chance that the bank will revise the return as there are large number of payees.
CAclubindia
