Cheque deposit of >50,000/- without pan card

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Suresh Yadav (Querist)
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12 August 2014 Can i Deposit cheque of Rs 50,000/- or More without Giving PAN Details to Bankers ?
If Yes then is there any maximum limit to deposit Cheque without disclosing PAN Details

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 August 2014 the ans is no as u need to provide mandatory

Suresh Yadav

Suresh Yadav (Querist)
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12 August 2014 Actually my Parents have Joint A/c in Dena Bank. My father dont have PAN Card & He will be receiving Cheque of More Than 50,000/-
So How can I deposit if PAN Card Details are mandatory ?

Suresh Yadav

Suresh Yadav (Querist)
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12 August 2014 One of My Friend said ..Bankers Demands PAN Details Only In Case of Cash Deposits of More Than 50,000/- and not in case of cheque .

Is he correct ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 August 2014 but i would suggest u to apply for ur fathers pan as it has many uses and it will not take more then 15 days and the cheque is valid for 3 months from the date mentioned on it

CA Yugal Purohit

CA Yugal Purohit (Expert)
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12 August 2014 yes ,You can deposit of a cheque of 50000 without pan, it is only mandatory in case of cash deposit.

Suresh Yadav

Suresh Yadav (Querist)
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12 August 2014 Yeah Right Tushar Sir, I will Appy for PAN Card, But

If tenant will Deduct TDS on Payment made (i.e. Rent ) to my father, then How Much % They will Deduct ? 10% or 20% ..as My father dont have PAN Card and ( Rent amount is More than 1,80,000/-P.a.)

And Can he claim this TDS Refund Later by Obtaining PAN Card & filing IT Return ?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 August 2014 20% he has to deduct for non availibilty of pan and yes later u can claim but the tenant needs to revise his tds return so that much tds deducted will be reflected in 26AS

Suresh Yadav

Suresh Yadav (Querist)
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12 August 2014 Thank You Sir,
But I dont Think so they will revise their Return as tenant is big Private company.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 August 2014 then i such case without pan how can u claim ur refund and if ur fathers total taxable income is below slab then u claim tds but pan is mandatory for claiming tds

Suresh Yadav

Suresh Yadav (Querist)
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12 August 2014 Yes Right Sir,
I will be applying for it today itself

And Thanks Alot
Thank you very much for very useful Information

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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12 August 2014 you are welcome suresh

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