TDS payment

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ramesh vadnala (Querist)

29 July 2008 We have deducted TDS & PAN not available not more than 40% of what we have deducted, Pl.advise me what to do?

CA CS CIMA Prakash Somani

CA CS CIMA Prakash Somani (Expert)

30 July 2008 The need for accurate quoting of PAN is critical as from assessment year 2007-08, the department has prescribed return forms without attachments. Hence, tax credit can only be given on the basis of information made available by the deductors through the TDS returns, the CBDT said. In order to ensure compliance, a threshold limit has been prescribed for quoting PAN. This is 95 per cent for salary and 85 per cent for non-salary cases from the last quarter of 2007-08 and onwards. Without compliance to these limits, returns of the deductors will not be accepted and such deductors will be treated as non-filers and would be exposed to penal consequences, the CBDT said.

CA Anuj Garg

CA Anuj Garg (Expert)

30 July 2008 If anyone is not disclosing his PAN, u can deduct TDS on higher marginal rate and can file ur return accordingly

You can take reference from article posted on home page of CA clubindia

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