Tds on wrong pan within threshold
Dear all, I have not deducted tds under sec 194H with wrong PAN coz deductee threshold limit not exceed as per rule i.e. Rs.5k. And I have shown all details at the time of return filling by putting threshold flag (i.e "Y") but received software genereted notice from dept.(Traces) that pan is wrong and need to pay @ 20% tds on the same. So, need advice whether dept. is correct or not and if correct then under which section this rule comes.
Note: My maximum customer within threshold limit wdoesn't have PAN.
Thanks Ragards Bijit
Replies (3)
y did you mentioned the details of the party on whom TDS Deduction was not applicable.. seriously unable to understand that..
Coz we want show all our expenses into traces data which should match with Income tax in future coz our major expenses is commission payable.
and if traces given option to give threshold flag then what harm to show the same.
but my concern area is that is there any rule that if PAN is wrong then @ 20% applicable even if party is under threshold limit.
Coz we want show all our expenses into traces data which should match with Income tax in future coz our major expenses is commission payable.
and if traces given option to give threshold flag then what harm to show the same.
but my concern area is that is there any rule that if PAN is wrong then @ 20% applicable even if party is under threshold limit.
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