New Delhi: If you haven’t applied for PAN card, do it right away.
For the Income Tax department has announced it will not accept tax returns for the quarter ending September 30 and thereafter if firms don’t provide PAN details of 90 per cent of their employees.
The department issued a statement saying in case of TDS returns for payments other than salaries and TCS (tax collected at source) returns, all companies must submit PAN details of at least 70 per cent their staff.
And it’s not just a warning. The statement says if the companies fail to provide PAN details, they will face penal proceedings under the Income Tax Act.
The statement said since in most of the returns, the Permanent Account Number (PAN) of the taxpayer 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, the statement said.
The government also made filing of TDS or TCS returns in electronic form mandatory for additional categories of taxpayers from the July-September quarter.
(With PTI inputs)
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