As per instructions issued by the Central Board of Direct Taxes (CBDT), it is mandatory for deductors to fileTDS/TCS statements with a threshold limit of Permanent Account Number (PAN) of deductees. ReadPAN Percentage FOR TDS/TCS Return Enhanced!
NSDL has put following solution for overcoming problem in filing TDS returns because of insufficiency of PAN of the deductees and also to accommodate the deductees who have intimated their PAN, the Income Tax Department (ITD) has specified the following procedure for filing TDS/TCS returns:
Deductors can file a return containing deductee records which meets the specified threshold limit of PAN quoting, i.e., a deductor can file a return containing deductee details who have provided valid PAN. It can subsequently file a correction return with details of remaining deductees.
E.g. as below:
Fiing TDS Return Without Sufficient Nos of PAN of deductees
N.Naveena Maheswara Rao (Assistant manager for accounts) (1096 Points)
05 August 2009