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NEW FVU (FILE VALIDATION UTILITY ) RELEASED BY NSDL



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

 

 

RAJAN GUPTA
on 28 March 2008
Published in Income Tax
Source : TIN-NSDL.COM,










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