For wrong pan no. also 20% generated in 'defaults' by nsdl

TDS 1003 views 5 replies

Guest

In the 26Q return there were some PAN Nos. which did not match with the IT Database.

In the 'Defaults' generated by tin-nsdl I noticed that for this also 20% deduction is expected by the dept.

i.e. in the core banking you know if there is pan No. the reate would automatically be 10% - if there is no pan then it would be 20%. Some of the depositors might have provided incorrect PAN No. for which the financial instn. cannot be held responsible.

Now, as per the 'defaults' list is generated as if there was a short deduction of 10% for those which are not found in the IT Database.

What axion should I suggest .......? Is there any possibility of correcting .......!!!!

Replies (5)

Dipjyoti Majumdar

CA in service & CS. dipmaj@

3488 Points Joined June 2011

The only option seems to be take not only the PAN from the payee but also the PAN Card copy and match the number with the name of payee so that deliberate intimation of false PAN can be mitigated.

Rahul Gupta

Chartered Accountant

644 Points Joined November 2010

Agreed with Dipjyoti

Guest

? about the 'default' already generated......! ! ! ! !

Rahul Gupta

Chartered Accountant

644 Points Joined November 2010

Well i am not sure but i think you can submit the Revised Return i.e. Correction Statement to NSDL

Manish

Accountant

251 Points Joined April 2009

My client facing same problem and also they received Demand Letter from TDS Department regarding 20% TDS and Interest due to wrong Pan. On the Demand Letter, the Department also suggest to file Revised TDS return if this done due to any clerical mistake. So please file Revised TDS Return with Correct PAN before getting any Notice from TDS Department.