Pan not available
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 March 2011
Hi
During the course of audit i have come across a situation where the auditee has deducted tax at normal rate from contractors and other parties eventhough the PAN Nos of such contractors/parties are not available at the time of deduction. Return has been filed without uploading the entries for which PAN was not available and clarified to us that a revised return will be filed soon as they have received the pan no of such parties now. It pertains to the second quarter of fin year 2010-11.
My query is that when PAN was not available at the time of deduction is it not that the tax should have been deducted at a higher rate of 20%, can return 26Q be revised once it has been filed if so, what is the time limit with in which they can file the revise return.
Thanks
Sayeeda Majumder
During the course of audit i have come across a situation where the auditee has deducted tax at normal rate from contractors and other parties eventhough the PAN Nos of such contractors/parties are not available at the time of deduction. Return has been filed without uploading the entries for which PAN was not available and clarified to us that a revised return will be filed soon as they have received the pan no of such parties now. It pertains to the second quarter of fin year 2010-11.
My query is that when PAN was not available at the time of deduction is it not that the tax should have been deducted at a higher rate of 20%, can return 26Q be revised once it has been filed if so, what is the time limit with in which they can file the revise return.
Thanks
Sayeeda Majumder
04 March 2011
There is no time limit for filing 26Q but it should have been filed before completion of audit otherwise you have to report it.
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