Short deduction notice from it deptt. due to invalid pans.
This query is : Resolved
Kamaldeep Singh
(Querist)
21 June 2013
Hello everybody,
One of my client's is a bank and has recd. demand notice from IT deptt. as there were a few Pan quoted which were invalid. The notice demands tds @ 20% on such entries together with interest. The bank has got the correct Pan from all the deductees and is about to file correction statement.
I just need to clear up that in this case do bank is still liable to pay the demanded amount or intt. or both or is there any other penalty to be paid ?
One of my client's is a bank and has recd. demand notice from IT deptt. as there were a few Pan quoted which were invalid. The notice demands tds @ 20% on such entries together with interest. The bank has got the correct Pan from all the deductees and is about to file correction statement.
I just need to clear up that in this case do bank is still liable to pay the demanded amount or intt. or both or is there any other penalty to be paid ?
Rupesh Jain
(Expert)
22 June 2013
if bank file correct PAN and file Correction TDS return.
then no liability and intt.
then no liability and intt.
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