TAX DEDUCTORS TO QUOTE PAN IN TDS RETURNS

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....AX DEDUCTORS TO QUOTE PAN IN TDS RETURNS <br>News and Press Release<br>Dated:- 1-4-2008<br><BR>The Income Tax department had on 26.3.2008 advised all tax deductors to invariably quote PAN in their TDS....

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.... returns in all cases wherein they have deducted tax and deposited it into the government account. This has been emphasized as non-quoting of PAN results in inability to give credit to the deductees w....

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....hile processing their cases. The need for accurate quoting of PAN is critical as from assessment year 2007-08, the department has prescribed return forms without attachments. Hence tax credit can onl....

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....y be given on the basis of information made available by the deductors through the TDS returns. In order to ensure compliance, the department has prescribed a threshold limit for quoting of PAN. Thi....

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....s is 95% for salary cases and 85% for non-salary cases from the last quarter of FY 2007-08 and onwards. Without compliance to these limits, returns of the deductors will not be accepted and such deduc....

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....tors will be treated as non-filers and would be exposed to penal consequences. BSC/SS/GN/77/08<BR> News - Press release - PIB....