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Tds 206aa urgent

Akshay (Finance) (50 Points)

25 November 2014

Dear all,

If deductee has not furnished PAN to deductor, TDS @ 20% shall be made under 206AA. In such a case,

1) Will the deductor issue TDS certificate to deductee (in the absence of PAN) ?

2) How will the deductor show this in his TDS returns (without PAN of deductee) ?

3) How will the deductee get the credit of tax deducted @ 20%?

Please tell me the procedural aspects !

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5 Replies

CA Raj Doshi (Practising CA) (8723 Points)
Replied 25 November 2014

1.No certificate will be issued 2. Write in the PAN column as PANNOTAVBL 3. No credit of such TDS is available.... And to point 2 I am not sure. Please wait for other replies.

1 Like

swapnil harwani (article) (72 Points)
Replied 26 November 2014

For point 3...deductee can claim TDS @ 20% provided deducter gives deductee some official proof of Tax deduction @ 20%....and in future if IT department send notice to deductee for excess credit claim...than at that moment he can show to IT department which was given by deducter...

1 Like

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)
Replied 26 November 2014

agreed with mr raj and swapnil

Dipjyoti Majumdar (CA in service & CS. dipmaj@ rediffmail.com ) (3468 Points)
Replied 26 November 2014

The deductee will not get any credit for TDS @ 20%. How will he get credit when he does not have a PAN and not file ITR ? It is purely Finance Ministry's income.

Later on if the deductee obtains PAN and the deductee is ready to revise the 26Q/24Q only then the deductee can get credit.

Thanks,

1 Like

Dhaval Karania (Prop) (23 Points)
Replied 26 November 2014

At first instance tds deducted @ 20% means the deductee is does not have pan number. So how can the deducree get credit of the same? In my opinion if deductee is not having pan card then filing of return is not possible and hence credit cannot be claimed.