Regarding TDS Demand
This query is : Resolved
20 December 2024
There is a case in which deductee party's pan was inoperative when the return was filed hence there is a demand to deduct tds at higher rate. After which the pan becomes operative and hence we have revised the return with same deductee entry, but the demand is still outstanding.
Please guide us what should we do further.
And futher can the demand raised would be lapsed?
Please guide us what should we do further.
And futher can the demand raised would be lapsed?
20 December 2024
Revision of TDS return was not mandated if the PAN was inoperative at the time of TDS deduction. The deductee could have claimed it in his ITR.
20 December 2024
Circular no 6/2024 provided exemption from deducting higher rate for inoperative PANs for transactions entered upto 31st March 2024 only if the PAN is changed operative on or before 31st May 2024. If the PAN status was inoperative post 31st May 2024 higher tds deduction is attracted even though the PAN becomes operative at a later date.
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