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No pan quoted on the bills by party

Stat Audit 402 views 2 replies

VIVEK

accountant

24 Points Joined February 2013

During the Tax Audit ,i found that in the journal file of the client, there is no PAN quoted on various parties bills ,however the TDS has been proprerly deducted.Now is this point required to be raised in audit?I am raising this issue since the bill payments are quite heavy amounts.PLZZZZZ give your suggestion from Tax Audit point of view.

Replies (2)

Dhruvi N suthar

Account Executive

303 Points Joined August 2012

It is not the matter of raising query Ask your client to obtain pan no if thay are not having pan no of same party & if have than its fine.

But more things now a days so many people providing wrong pan no so If you have doubt than you can also verify pan no for the safety of your client..

Guest

From tax audit point of view, PAN and TDS. You can check whether tax deducted when deductible, and if PAN is not available, then tax @ 20% or 30% whichever is applicable is deducted or not.