Wednesday, 12 February 2014

Penalty deleted on reasonable cause for Non-availability of PAN - IT

Income Tax Department has declared good news for Taxpayee who are payable tax and those who have not own PAN till filing TDS or Income Tax Return i.e. penalty is deleted. In this regard Income Tax Department has decided that Non-availability of PAN of payee-customer was a reasonable cause for belated filing of TDS return; penalty deleted. Before this on non-submission of PAN, Tax is to be deducted @ higher of prescribed rate or 20%. as per the recent amendments W.e.f 01/04/2010.



No comments:

Navigating the Complexities of GST Pre-deposit Requirements Before GSTAT

  The introduction of the Goods and Services Tax Appellate Tribunal (GSTAT) has brought significant changes to the pre-deposit framework for...