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PAN details in returns mandatory

NEW DELHI: The Centre on Tuesday warned all tax deductors and collectors that unless they obtain the correct PAN (permanent account number) details of all deductees and quote the same in the TDS/TCS (tax deducted/collected at source) returns for the quarter ending September 30, 2007 and thereafter, their TDS/TCS returns would not be accepted and all penal consequences under the Income Tax Act would follow.

Alongside, taxpayers liable to TDS/TCS have also been advised to furnish their correct PAN details with their deductors, failing which they would also face penal proceedings under the I-T Act.

In a statement here, the Central Board of Direct Taxes (CBDT) made it clear that 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 require details of all tax deductions with name and PAN details 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 the tax deducted and collected.

It has, therefore, been decided that TDS returns for salaries, that is, Form No. 24Q with less than 90 per cent of PAN data, and TDS returns for payments other than salaries and TCS returns, that is, Form No. 26Q and Form No. 27EQ respectively, with less than 70 per cent of PAN data will not be accepted for the quarter ending on September 30, 2007 and thereafter,” the statement said.

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