Tax deducted but deductee PAN Not available ??

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CA Abhishek Singh (Querist)
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23 December 2010 one of our client is a pvt ltd company. it deducted tds on contractor @1% and in some cases 2% but once the contract got over they left i.e they are no more contractors.(payment Rs.below 15,000 to each contractor)

They also do not have their PAN No./company is unable to get the PAN

Now without PAN TDs REturns cannot be submitted.

so what accounting entries should be passed in the books of account.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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23 December 2010 After 01.04.2010 TDS @ 20 % need to be deducted if the deductee does not submit his PAN. So in this case the company has short deducted TDS.

In your case, if deductee not requiring credit, you can ignore such deduction while filing return, but you have to pay TDS on time.

The entries are as usual at the time of deduction and payment.

CA Manikandan.A.V

CA Manikandan.A.V (Expert)
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24 December 2010 If TDS limit is not exceeded you need not deduct at 20%

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