Tds of deductee having no pan

TDS 386 views 2 replies

Dear Experts,

If Mr. X,  who is having income below basic exemption limit, having no PAN and income tax records,

is having FDR of Rs. 1.5 lacs in bank,

now bank will deduct TDS @ 20% because PAN has not been given to the bank.

Is Mr. X required to get PAN?

Is there any way that Mr. X does not get the PAN and no TDS is deducted by the Bank? and how the bank will deal with the account of Mr. X in its books?

Please refer relevant case law or section.

Replies (2)

Mr X shud submit an declaration in Form13 to the Bank and state that his income is below the taxable limit so TDS need not be made from the interest paid by the Bank to him.

Dear Giridhar,

Mr. X is not having PAN which is required to be fllled in Form No. 13. So how the bank will accept his declaration?


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