What to do if contractor does not have perminent Account No.
This query is : Resolved
20 May 2008
Dear sir,
In want to know that if we deduct TDS of the person which is our obligation and deposit to the govt. Account for the person who don't have perminent account No.
Is we dont deduct TDS? What to Do Reply as early as possible.
Thanks Waiting for your reply
In want to know that if we deduct TDS of the person which is our obligation and deposit to the govt. Account for the person who don't have perminent account No.
Is we dont deduct TDS? What to Do Reply as early as possible.
Thanks Waiting for your reply
CA. Vineet Grover
(Expert)
20 May 2008
Hi Shubham,
PAN is being made mandatory by the Income Tax department.
As per the recent regulation, we ought to obtain 85% of the PAN details of the deductees.
It is recommended not to do business with vendors not having a PAN.
Deduction of TDS is mandatory and you cannot get away with it even if the vendor does not maintain a PAN number.
Rgds/
Vineet
PAN is being made mandatory by the Income Tax department.
As per the recent regulation, we ought to obtain 85% of the PAN details of the deductees.
It is recommended not to do business with vendors not having a PAN.
Deduction of TDS is mandatory and you cannot get away with it even if the vendor does not maintain a PAN number.
Rgds/
Vineet
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