Is PAN compulsory...

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vs (Querist)
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06 October 2009 Sir,
Kindly refer to news " TDS assessees must quote correct PAN or pay more tax" published in ET dt. 13/7/2009.
My mother has got sr. citizen FD, She is housewife and not a income tax payee, doe not file return, not having PAN too. Now bank says that she has to take PAN else bank will cut 20 percent TDS inspite of submitting 15H. Bank referred this news to us where it is mentioned that " Sr. citizen people who have interest income which is not taxable should also fill 15 H and quote their PAN in the form, if they don't want to be taxed. Kindly elaborate this to us please.

V.singh

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 October 2009 Tds rate is 20% if PAN is not quoted by the deductee w.e.f 01/04/2010.

vs (Querist)
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07 October 2009 This is not clear to us sir. When Sr. citizen is submitting 15 H and her income is not taxable and she does not file return, even then bank will deduct 20 %?
If it is so then what is the use of submittibg 15 H.
may kindly answer.

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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01 August 2024 https://docs.google.com/document/d/1aBxuQB4kPeBy6Qw9742pBPnlTw27X5axCwDpbcvxaL0/edit?usp=sharing

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