20% tax deduction
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2010
Sir
a government office employee have not pan . f.y. 2010-11 office are deduct tds 20% april 2010. But office deduct tds april 2010 in august 2010. What is procidure deduct and deposit amount . how many interest are payable .
a government office employee have not pan . f.y. 2010-11 office are deduct tds 20% april 2010. But office deduct tds april 2010 in august 2010. What is procidure deduct and deposit amount . how many interest are payable .
CMA Ramesh Krishnan
(Expert)
12 August 2010
If the PAN not available, TDS need to deduct actual rate or 20 % which ever is higher, so deduct rate as applicable, pay along with interst of 1.50% per month or part of the month from the date of TDS deductible
12 August 2010
IF EMPLOYEE'S SALARY EXCEEDS THE BASIC EXEMPTION LIMIT AND HE DOES NOT PROVIDE PAN, ONLY THEN TAX NEEDS TO BE DEDUCTED AT A RATE HIGHER OF PRESCRIBED TAX RATE OR 20%.
13 August 2010
Agreed with Mr. Sanjay.
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