Tds return

This query is : Resolved

Rateesh (Querist)
Follow

27 June 2014 Dear Sir/Madam,

If the wrong PAN number is entered in the regular TDS return. The deductor is liable to pay 20% tax or it can be do the revised return to correct the PAN number.

Please reply its very urgent

Regards
Rateesh

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 only upto 2 numeric characters and 2 alphabet characters can be amended. error more than this would entail 20% deduction

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 only upto 2 numeric characters and 2 alphabet characters can be amended. error more than this would entail 20% deduction

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

27 June 2014 yes you can revised Tds return to correct the pan no. error.
you can change unlimited wrong pan no.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 Dear Anshul,

please be updated on this...only four digits can be changed in a PAN now...beyond that is not permitted.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 you may refer https://taxguru.in/income-tax/rectification-tds-statement-pan-error-2-characters.html for your records

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

27 June 2014 Dear nikhil we are just revised my tds return.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 you may refer https://taxguru.in/income-tax/rectification-tds-statement-pan-error-2-characters.html for your records

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 and has that return been processed yet?

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

27 June 2014 Yes, Demand has been nil.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 well thats great..because as such they are not allowing revision of PAN more than 4 digits...please do share how you amended the return...

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

27 June 2014 Please revise tds return
there is no limit of pan error amendment.

Rateesh

Rateesh (Querist)
Follow

27 June 2014 Actually I will do the Revised Return but after that again default notice is came. I will contact TRACES Customer care and he told me that if we entered wrong PAN no. in regular TDS return you want to pay the 20% tax. Otherwise the notice is come every time.

Pls reply

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 well Rateesh,

that is what almost every deductor has got.

Given that Anshul has a different experience, I would suggest that you engage his professional services for this matter as it saves you lot of penalties.

Rateesh

Rateesh (Querist)
Follow

27 June 2014 Ansur Sir,

Pls reply in that case what I will do I will pay the 20% tax or I will ignore the notice because the deductee is already got credit in his 26AS form.

Nikhil Kaushik

Nikhil Kaushik (Expert)
Follow

27 June 2014 Hi Anshul,

I got the reason for difference in our opinion. The logic by tdscpc is that if you mention a valid PAN, then you can replace whole of it. However, for an invalid PAN, only 4 characters can be amended

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

28 June 2014 What is amount of tds.

Rateesh

Rateesh (Querist)
Follow

30 June 2014 Taxable income is Rs. 204240/- they have investment in 80c so therefore the TDS is Deducted Rs. 4557, but due to wrong PAN No. 20% charged on 204240.00. amount is liable to pay Rs. 36291.00

C.A Anshul Singhal

C.A Anshul Singhal (Expert)
Follow

01 July 2014 After tds return revised your tds demand should be decrease.
check Tds demand on traces site.

Rateesh

Rateesh (Querist)
Follow

01 July 2014 It should be same, demand notice came (40810- 4577= 36233)

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now