Deductors Must Comply with their Obligations to Ensure Correct Credit to Persons from Whose Income Tax is Deducted at Source. All deductors other than Government deductors must file their quarterly TDS statement for the quarter ending 30th June 2012, on or before 15th July 2012 and Government deductors must file their statement on or before 30th July 2012. While submitting their statements, the deductors have to choose correct and relevant form, quote correct PAN against all entries and ensure that correct CIN/BIN is quoted in the TDS statement. Non-quoting of PAN or TAN in TDS statements or delay in filing of TDS statements may lead to levy of penalty.
Filing of TDS statement with correct PAN and CIN/BIN is important because under Rule 37BA of Income Tax Rules, 1962 credit for tax deducted at source is given to the deductees on the basis of TDS statement furnished to the Income-tax Department by the deductor. Filing of TDS statements with incorrect PAN or other details of the deductee would, therefore, cause inconvenience to the deductees (taxpayer).
Income Assessable in others Hands: In case the income on which tax has been deducted at source is assessable in the hands of a person other than the deductee, the deductee must file a declaration with the deductor that credit for the TDS shall be given to the other person and not to the deductee. The declaration filed by the deductee must contain the name, address, Permanent Account Number of the person to whom credit is to be given and reasons for giving credit to such person. The deductor must, in the TDSstatement, report the tax deduction in the name of such other person and also issue the TDS certificate in the name of the person in whose name credit is shown in the TDS statement.
TDS certificates for deductions on income other than salary income (Form 16A) for the quarter ending 30th June 2012 should be issued on or before 30th July 2012.
New File Validation Utilities – FVU 3.5 have been released pertaining to validation of eTDS & eTCS returns.
FVU 3.5 will be applicable for quarterly TDS / TCS statements pertaining to FY 2010-11 onwards & FVU 2.132 will be applicable for quarterly TDS / TCS statements pertaining up to FY 2009-10.
Key features of File Validation Utility (FVU) version 3.5:
Changes in the structural validations of Book Identification Number (BIN) quoted in quarterly TDS/TCS statements for TDS/TCS deposits made by Book entry (applicable only in case of Govt. deductors). Deductor can now quote the Date of deduction beyond the quarter.
With effect from April 8, 2012, PAN applications are required to be furnished in the new forms prescribed by ITD.
- Indian citizens will have to submit their Application for allotment of new PAN in revised Form 49A only.
- Foreign citizens will have to submit their Application for allotment of new PAN in newly notified Form 49AA only.
With effect from April 1, 2012, fees for PAN application has changed to 96. (For dispatch outside India 962).
Following forms have been notified by ITD (w. e. f. April 8, 2012) for submitting applications for allotment of new PAN. The new form is simple then earlier form 49A and easy to fill. The form also has column to fill AADHAAR number for the applicants who already own UID.
FORM 49A: – To be filled by Indian citizens including those who are located outside India.
FORM 49AA: – To be filled by foreign citizens.
2. Application for new PAN Card or/and Changes or Corrections in PAN Data: – Those who have already obtained the PAN and wish to obtain the new PAN card or want to make some changes / corrections in their PAN data, are required to submit their applications in the following form prescribed by ITD:
REQUEST FOR NEW PAN CARD OR/AND CHANGES OR CORRECTION IN PAN DATA: – The same form can be used by Indian as well as foreign citizens.
A new PAN card bearing the same PAN but updated information is issued to applicant in such case.
Status Track through SMS
The applicants may track the status of their application using 15 digit unique Acknowledgment Number after three days of application using the status track facility. Alternatively, applicant may call TIN Call Centre on 020 2721 8080 to enquire about the status of application. The status of the PAN application can also be tracked by sending an SMS – NSDLPAN < your 15 digit acknowledgement number > to 57575.
How Soon a PAN Card is Dispatched
Normally 15 days are required to process the application, provided application is found to be in order (25 days in case of CR).
FAQ on PAN