REQUIREMENT OF PAN NUMBER FOR THOSE EARNING LESS THAN RS 50000 P A

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..... REQUIREMENT OF PAN NUMBER FOR THOSE EARNING LESS THAN RS 50000 P A
Query (Issue) Started By: - Chandrakant D Gandhi Dated:- 13-9-2012 Last Reply Date:- 13-9-2012 Income Tax
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..... me Tax
My maid has some deposits in the bank, Her annual income including interest on deposits and salary is less than Rs 50000 per annum. Bank is asking for PAN Numner. However I understand that I .....

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..... T department has issued a notificaiton that those having annjualm income of Rs 50000 or less do not need a PAN number. Please inform what is the correct situation. Reply By CA GOPALJI AGRAWAL: The .....

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..... Reply: If the interest income is 10000/- or more, then she would have to furnish PAN otherwise the bank would deduct TDS @ 20% on interest. You may refer section 206AA of the Income Tax Act.
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