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Penalty under Section 272B of the Income Tax Act

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(Querist)
02 June 2009 Dear Professionals

Pls help me in solving the following query on the provisions of Income Tax Act, 1961 (TDS related provisions)

Section 272B talks abt the Penalty for failure to comply with the Provisions of Section 139A of the said Act.

& according to Section 139A(5A) Every person who is receiving income from which tax has been deducted (i.e. TDS) is required to intimate his PAN number to the Deductor.

& under Sec139A(5B) every deductor is required to mention PAN of the deductee in various returns & payment to Department.

Noe the Query is :

Will the Company be in default if the deductee doesn not intimate or gives wrong PAN to the Company i.e. deductor?

Hw the Company file return if deductee doesnot intimate his PAN to the Company since mentioning of PAN number of deductee has been made mandatory?

Best Regards
CS.Deepika Bhardwaj
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
02 June 2009 1. Yes, Company is in default to mention wrong PAN number. As you are required to get photocopy of PAN number.
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CA Tilak Raj Sharma

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CA Tilak Raj Sharma (Expert)
02 June 2009 2. The best option is to stop the payment of deductee, they will give you PAN number immediately.
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CA. Gurdeep Singh Chawla

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CA. Gurdeep Singh Chawla (Expert)
02 June 2009 Agree with CA. Tilak Raj Sharma
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Deepika Bhardwaj

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Deepika Bhardwaj (Querist)
02 June 2009 Hi Tilak & Gurdeep

Thanks for replying and solving the query

Best Regards
CS.Deepika Bhardwaj
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