Quick Summary
The Income Tax Department has released a crucial update directed towards deductors, underscoring the significance of verifying the PAN (Permanent Account Number) status of deductees. This advisory is particularly pertinent as it sheds light on the potential ramifications of overlooking the PAN status, specifically when it is labeled as Inoperative. The Income Tax Department has highlighted that deductees with an Inoperative PAN status might face higher TDS/TCS (Tax Deducted at Source/Tax Coll
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Income Tax Department is urging PAN verification to ensure that deductees do not face higher TDS/TCS rates if their PAN is found to be 'Inoperative'.
If a deductee's PAN is 'Inoperative', they may be subjected to higher TDS/TCS rates.
Deductors are being advised to verify the PAN status of the deductees.
Non-compliance with the PAN verification guidelines may lead to financial penalties and legal repercussions for deductors.
Detailed information can be found in CBDT Notification No. 15/2023 and Circular No. 3/2023, both dated March 28, 2023.
CAclubindia
