REQUIREMENT OF PAN
This query is : Resolved
NARESH KUMAR SHARMA
(Querist)
03 June 2011
As per new provision of TDS the deductee is required to furnish PAN to deductor otherwise deductor will liable to deduct TDS @ 20% or higher rate.
Q. A person asks to deductor that he is not income tax assessee (as his G.T.I do not exceed Rs. 160000/-) therefore he is not required to obtain PAN No. and thus he is not able to furnish PAN, in such case why he should penalised for higher rate of TDS whereas he is not income tax assessee and not required to obtain PAN.
Kindly advise what should be satisfactory answer.
Q. A person asks to deductor that he is not income tax assessee (as his G.T.I do not exceed Rs. 160000/-) therefore he is not required to obtain PAN No. and thus he is not able to furnish PAN, in such case why he should penalised for higher rate of TDS whereas he is not income tax assessee and not required to obtain PAN.
Kindly advise what should be satisfactory answer.
Sunil Kr. Sanganeria
(Expert)
03 June 2011
Any person can obtain the PAN whether his total income exceeds the taxable limit or not.
Obtaining the PAN does not mean that he is require to file the IT Return.
If a person does not have a PAN, you have to deduct 20% TDS
Obtaining the PAN does not mean that he is require to file the IT Return.
If a person does not have a PAN, you have to deduct 20% TDS
03 June 2011
he can either submit form 15G/15H or he can obtain exemption certificate u/s 197 for no deduction of TDS
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