TDS Return where PAN is not available

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Ca Anurag (Querist)

14 July 2011 In case of filing TDS Return what to be done if not all PAN available for a TDS Challan? whther TDS Retun could be filed? This is common in case of TDS Returns of Banks. Please resolve at the earliest.

U S Sharma

U S Sharma (Expert)

14 July 2011 in absence of PAN flat 20% TDS is deducted, and remitted,

in e filing, mention "PAN NOT AVAILABLE" in pan field

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 July 2011 The banks have to follow KYC Norms.

In case of the depositors who are not having PAN TDS rate applicable is of 20% of the interest amount.

However, PAN is compulsory for Deposits above50000/- and if the bankers have not obtained it, they are compromising with the KYC Norms.

Ca Anurag

Ca Anurag (Querist)

14 July 2011 PANNOTAVIL for each person has to be quoted or total amount for which PAN is not available has to be quoted

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

14 July 2011 Income tax department will not reduce in any case the burden of assessee. It requires information which an assessee provides freely without considering even the time cost for the assessee and his business compulsions.

In my view, you have to report each case where ever PAN is not available.

The logic behind this is very simple.

Persons having substantial income may be caught at a glance without applying much mind.

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