Sir,
What are the implications as per Act if TDS for a Non PAN Assessee is deducted @ 1% for advertisement?,The return has already been submitted.Also, the party has now taken PAN number.Thank u all for ur concern.....
Mohammed Rafnas (Student CA Final ) (74 Points)
30 August 2014Sir,
What are the implications as per Act if TDS for a Non PAN Assessee is deducted @ 1% for advertisement?,The return has already been submitted.Also, the party has now taken PAN number.Thank u all for ur concern.....
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 30 August 2014
dear mohammed,
where PAN of deductee is not available,TDS is to be ded at a higher rate.
In your case, you should have ded at 20%.
Now you can file a correction statement...
Mohammed Rafnas
(Student CA Final )
(74 Points)
Replied 30 August 2014
Thank u for your reply.
But the assessee is now having PAN.So Do I ned to pay the short amount or just revuse the return?
CA Saloni
(Manager-Accounts & GST Consultant)
(5124 Points)
Replied 30 August 2014
If you receive a notice in this regard you need to pay the short deduction...
Mohammed Rafnas
(Student CA Final )
(74 Points)
Replied 30 August 2014
Actually I am at the clients office for auditing.So should I report or can I ask them to rectify?
CA. S. Balasubramanian
(Chartered Accountant)
(192 Points)
Replied 31 August 2014
Dear sir
Whether the demand from TRACES is received or not, get the consolidated file from TRACES and update the Pan in the deductee details (carfully follow the rules of modification in case of NOPAN) and file the correction statement.