REQUIREMENT OF PAN
This query is : Resolved
03 June 2011
As per new provision of TDS the deductee is required to furnish PAN to deductor otherwise deductor will liable to deduct TDS @ 20% or higher rate.
Q. A person asks to deductor that he is not income tax assessee (as his G.T.I do not exceed Rs. 160000/-) therefore he is not required to obtain PAN No. and thus he is not able to furnish PAN, in such case why he should penalised for higher rate of TDS whereas he is not income tax assessee and not required to obtain PAN.
Kindly advise what should be satisfactory answer.
Q. A person asks to deductor that he is not income tax assessee (as his G.T.I do not exceed Rs. 160000/-) therefore he is not required to obtain PAN No. and thus he is not able to furnish PAN, in such case why he should penalised for higher rate of TDS whereas he is not income tax assessee and not required to obtain PAN.
Kindly advise what should be satisfactory answer.
03 June 2011
Any person can obtain the PAN whether his total income exceeds the taxable limit or not.
Obtaining the PAN does not mean that he is require to file the IT Return.
If a person does not have a PAN, you have to deduct 20% TDS
Obtaining the PAN does not mean that he is require to file the IT Return.
If a person does not have a PAN, you have to deduct 20% TDS
03 June 2011
he can either submit form 15G/15H or he can obtain exemption certificate u/s 197 for no deduction of TDS
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
