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 after
01/04/2008.
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.
XXX
CAclubindia
RAJAN GUPTA
Published in Income Tax