TDS Deducted by bank when form 60 is submitted
This query is : Resolved
03 July 2011
If a person has submitted form 60 for not having PAN while opening bank account, should the bank deduct tax on interest paid to him. If bank has deducted TDS how it will be shown in the return as TDS return is not accepted if PAN No. of Deductee is not mentioned.
03 July 2011
TDS will be deducted @20% if PAN is not provided to the bank. There is no problem in furnishing TDS return if TDS is deducted @20% id PAN is not available.
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