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 statu
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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.
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