In case of invalid PAN, TDS should be deducted at higher rate.
All posts by Ankit Jain - 16. page
CA in Practice
Can a foreign citizen apply for a PAN? If yes, which form should be used?
Yes. A foreign citizen can apply for a PAN by submitting Form 49AA
What happens if I have quoted incorrect PAN in the tax payment challan used for depositing my advance / self-assessment tax?
In such cases, your tax payment details will not be reflected in Form 26AS. It is important for you to correctly state your PAN in the tax payment challan. For […]
Deductee is foreigner and does not have PAN. Do I need to deduct TDS
Yes. Any person who intends to enter into economic or financial transactions where quoting PAN is mandatory, must also have a PAN. In case the person does not have PAN, […]
What is PAN?
Permanent Account Number (PAN) is a ten-digit alpha-numeric number, issued by the Income Tax Department. Each assessee (e.g., individual, firm, company, etc.) is issued a unique PAN. PAN enables department […]
In my business, it is impossible to issue bills for every transaction. How can I be expected to maintain proper accounts? Sec 44AD & 44AE
Sec 44AD There can be no excuse for not maintaining bill books. However, if you are a small time retail trader with your annual turnover less than 1 Crore, then […]
Do I have to keep an accountant to maintain my account?
This depends upon your ability and need. You may even prefer to use the accounting software available in the market. However, you should remember that in case of turnover exceeding […]
Where should the books of account of my business be kept and for how long?
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally carried on. These should be […]
I am a small time trader. Do I need to maintain any accounts?
Any business or profession that has an annual turnover / gross receipts exceeding rupees ten lakh and net profit of rupees one lakh twenty thousand must maintain such books of […]
What is the procedure for depositing tax?
A form called challan available at Income Tax Department, in banks and on the IT department website should be filled up and deposited in the bank along with the money. […]