29 March 2017
we need to deduct tds of a pensioner who is does not have pan card. he is a senior citizen his and his pension is 400000. his tds is to be deducted @20% . my query is whether the deduction u/s 80c (rs 50000 in this case) would be considered while deducting tds or not ...on what amount tds@20% will be deducted
29 March 2017
and if he had interest income say 40000 and had not furnished pan card then tds would have been deducted @20% on total interest and
no deduction would have been considered as he was not eligible to submit form 15h...
29 March 2017
can you please give me some reference on why deductions should be considered for tds in case of pension/salary but not in interest income
29 March 2017
Form 15 H is applicable on interest, which you have to compulsory have to produce PAN For non deduction of TDS Otherwise 20%, For salary you have to give proof for declarations, If TDS applicable on Salary you have to compulsory give PAN, Other wise tds will be 20%. But now a days employer is showing income in quarterly filing showing the income below Threshold limit. To upload information relate to your income from salary / pension you require PAN.
29 March 2017
in reference to what you said on salary.....this pensioner has submitted his proof of investment u/s 80 c but he does not have pan card...so now should we consider his investment while calculating tds or not......further regarding quaterly filing....we didn't file those as we deduct tds from the last pension....
CAclubindia
