Dear Members
A deductee having no PAN deducted by 20% on earlier payments afterwards he gives PAN in the same year. Can a deductor make another payments in the same F.Y. after adjusting earlier higher tds.
Thanks in advance...
4 Replies
Ranjeeth Balasundaram
(CA)
(41 Points)
Replied 28 March 2011
dear sworha ,
According to the TDS provision ,TDS will attract on that financial year of 20 percent if the person doesnot provide you the pan , in your case person submitted the pan lately so ultimately tds need to be done with the normal rate so you can adjust the previous excess deduction for subsequent payments in the same financial year .
swohra
(none)
(537 Points)
Replied 29 March 2011
Than what about previous TDS returns should we need to revise them ?
swohra
(none)
(537 Points)
Replied 09 April 2011
Than what about previous TDS returns should we need to revise them?
Pankaj Arora
(Learner)
(3134 Points)
Replied 09 April 2011
yes you have to revise tds return so that employee could take benefit of tds deducted or excess deducted..
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