Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: TDS :: articles on VAT and GST in India :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: form 3cd :: VAT RATES :: cpt :: ACCOUNTING STANDARDS
News Headlines »
 CBDT releases Income Tax Return statistics for last two fiscals
 CBDT issues second round of Certificates of Appreciation to tax payers for their contribution towards Nation building
 FinMin looks at cut in corporation tax
 Draft Rules for prescribing the method of valuation of fair market value in respect of the trust or the institution-Chapter XII-EB of the Income-tax Act, 1961- reg.
 India is moving towards a flawed GST
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers

Quoting PAN in TDS returns made mandatory
February, 15th 2008

The Income Tax Department today made it mandatory for the employers to quote permanent account number (PAN) of all of employees and parties from whom tax is deducted while filing quarterly TDS or TCS returns.

"It has now been decided to enhance the threshold limit for PAN quoting without which TDS/TCS (tax deducted at source/ tax collected at source) returns will not be accepted," said a Finance Ministry statement.

The limit has been enhanced to 95 per cent from 90 per cent in case of Form 24Q and to 85 per cent from 70 per cent in case of Forms 26Q and 27EQ, it said.

All tax deductors, collectors are required to file the TDS or TCS returns in Form No 24Q (for salaries), Form No 26Q (for payments other than salaries) or Form No 27EQ (for TCS).

These forms require details of all tax deductions with name and PAN of parties from whom tax is deducted.

The enhanced limits will be applicable for and from the quarter ending March 31, 2008. These threshold limits will also apply to all TDS and TCS returns that are filed for any of the earlier quarters on or after April one, it said.

The government had earlier decided that TDS Form for salaried persons with less than 90 per cent of PAN data and TDS Form for payments other than salaries and TCS forms with less than 70 per cent of PAN data will not be accepted for the quarter ending September 30, 2007 and thereafter.

The Ministry also asked the employees and other parties to provide correct PAN to their employers and tax deductors, failing which they will not only have difficulty in getting credit of TDS/TCS in their income tax assessments but will also face penal proceedings under the Income Tax Act.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Portfolio

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions