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TMI BlogTAXPAYERS LIABLE TO TDS / TCS ARE ADVISED TO FURNISH THEIR CORRECT PAN WITH THEIR DEDUCTORSX X X X Extracts X X X X X X X X Extracts X X X X ..... TAXPAYERS LIABLE TO TDS / TCS ARE ADVISED TO FURNISH THEIR CORRECT PAN WITH THEIR DEDUCTORS - News and Press Release Dated:- 25-9-2007 - News - All tax deductors / collectors are required to file the TDS / TCS returns in Form No.24Q (for tax deducted from salaries), Form No.26Q (for tax deducted from payments other than salaries) or Form No.27EQ (for tax collected at source). These forms requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ire details of all tax deductions with name and permanent account number (PAN) of parties from whom tax was deducted. However, it has been observed that in most of the TDS / TCS returns, the PAN of the deductees is either missing or incorrect. As the requirement of filing TDS / TCS certificates has been done away with, the lack of PAN of deductees is creating difficulties in giving credit for t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he tax deducted and collected. It has, therefore, been decided that TDS returns for salaries, i.e. Form No.24Q with less than 90% of PAN data, and TDS returns for payments other than salaries and TCS returns, i.e. Form No.26Q and Form No.27EQ respectively, with less than 70% of PAN data will not be accepted for the quarter ending on 30.9.2007 and thereafter. Tax deductors and tax collectors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are, therefore, advised to obtain correct PAN details of all deductees and quote the same in the TDS / TCS returns, failing which the TDS / TCS returns will not be accepted and all penal consequences under the Income Tax Act will follow. Taxpayers liable to TDS / TCS are also advised to furnish their correct PAN with their deductors, failing which they will also face penal proceedings under the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Act. For and from the quarter ending 30.9.2007, in addition to government offices and companies, filing of TDS / TCS returns in electronic form is mandatory for (i) deductor / collector required to get his accounts audited under section 44AB of the Income-tax Act in the immediately preceding financial year, and (ii) where the number of deductees' / collectees' records in a quarterly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... statement for any quarter of the immediately preceding financial year is equal to more than fifty. TDS / TCS returns in paper form will no longer be accepted from such tax deductors / collectors. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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