01 June 2011
He will be treated as Without PAN. However, if he submits his PAN within the same quarter, his earlier higher TDS deduction can be adjusted with future TDS at regular rates.
01 June 2011
Its only a matter of interpreting the law. Higher rate of TDS is applicable... where PAN is not available. So mere acknowledgement of PAN form submission can not amount to equal to PAN.
What if....he fails to submit the actual PAN for the whole year..... OR,
What if his PAN application gets rejected....
So all these things need to be kept in mind before giving any such consideration.
Just like... mere receiving on the copy of cheque can not be treated as an official receipt... similarly acknowledgement on PAN application can not be treated as person with PAN.
CAclubindia
