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CBDT Press Release - e-Tds

Posted on 14 February 2008,    
 6471    Share  Report

No.402/92/2006-MC (10 of 2008)

Government of India / Ministry of Finance

 Department of Revenue

Central Board of Direct Taxes

***

 

New Delhi dated the 12th February 2008

 

PRESS RELEASE

 

 

All  tax  deductors  /  collectors  are  required  to  file  the  TDS/TCS  returns  in  Form No.24Q  (for  salaries),  Form  No.26Q  (for  payments  other  than  salaries)  or  Form No.27EQ  (for  TCS).  These  forms  require  details  of  all  tax  deductions  with  name  and permanent account number (PAN) of parties from whom tax was deducted.

It had earlier been decided that Form No.24Q with less than 90% of PAN data and Form No.26Q & Form No.27EQ with less than 70% of PAN data will not be accepted for the quarter ending on 30.09.2007 and thereafter.

The said decision has since been reviewed. It has now been decided to enhance the  threshold  limit  for  PAN  quoting  without  which  TDS/TCS  returns  will  not  be accepted. The limit has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ. The enhanced limits will be applicable for and from the quarter ending 31.03.2008. These threshold limits will also apply to all those  TDS/TCS  returns,  which  are  filed  for  any  of  the  earlier  quarters  on  or  after01/04/2008.

Tax deductors and tax collectors are, therefore, advised to obtain correct PAN of all deductees and quote the same in their TDS / TCS returns. Deductees are also advised to furnish their correct PAN with their deductors, failing which they will not only have difficulty in getting credit of TDS/TCS in their income tax assessments but will also face penal proceedings under the Income Tax Act.

 



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