we are having a client who had since 2000 filing his itr with wrong PAN and last alphabet of it was quoted wrongly. now he has come to us in 2007-2008 and it was observed by us that there was a problem.suggest what to do? should the matter be conveyed to income tax authorities? what is the fate of tax deposited in earlier years with wrong PAN and its credit to his account?
2 Replies
Sagar Kapoor
(Chartered Accountant)
(34 Points)
Replied 21 July 2008
In case the client is not looking for any refund then it doesn't matter. However, the correct PAN should be stated in all the future returns which he files.
kapilll
(Investigator)
(171 Points)
Replied 23 July 2008
penalty for quoting wrong PAN is Rs 10,000 /-
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