The bank has deducted tds on Term Deposits due to non-submission of form15-H in time. While Term Deposit account was opened the bank has taken form 60/61 from depositers. Now the tds has been deducted and deposited by TAn no. of Bank. Since e-tds returns to be submitted after 31/03/2008 require minimum 85% of PAN nos. of deductees. But the bank is not having 85% of PAN nos. due to above reason and could not file its e-tds return. If the e-tds return is not filled within time it will attract Rs.100 penlty per day. what are the remedies available to bank.
3 Replies
Manoj Saxena
(CA Practice )
(13 Points)
Replied 04 May 2008
sine still a lot of time left to file tds return for the last quarter, bank should aske their clients to apply for the pan number.Its necessary for the clients to have the pan number if they want the refund of tds,therefore its for their benefit. as far as the bank is concerned .currently most of the banks are facing the same problem and law does not provide any remedy for the time being atlest.Oppounuity of being heard will be there to banks before imposition of the penalty and this is good enough reason for the AO not to impose the penalty.
CA. Kirti S. Ganatra
(Service)
(1461 Points)
Replied 05 May 2008
you have no option other than to tell your customers to apply PAN No.
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