Inadvertently, I have given wrong PAN to my employer deductor. What are the consequences?
The consequences of providing wrong
PAN are identical to those of not providing the PAN. That is, if you have not provided your PAN
then your employer may deduct tax from your income at higher of the rates in
force or 20% of the income credited to your account.
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Will it affect my TDS if I do not provide my PAN to my employer deductor?
Yes. Any person who is entitled to receive the amount (income) on which tax is deductible, must provide PAN to the deductor. If you have not provided your PAN then your employer may deduct tax from your income at higher of the rates in force or 20% ...
Who is a deductor and deductee?
Deductor: The person who is making the payment is responsible for deducting the tax and depositing the same with government. This person is known as 'deductor'. It is usually the employer, or the tenant, or any person making the payment. Deductee: ...
How should I apply for a PAN Card?
To apply for a PAN Card online, follow these simple steps: Step 1 Click on the official website of NSDL here: Step 2: Fill all the details required as per the documents you are submitting as proof. Step 3: After filling the details, choose a mode of ...
What is PAN?
A Permanent Account Number, or PAN is unique, ten-digit alpha-numeric code number issued by the Income Tax Dept. for every return filer in the country. Your PAN Number holds the record for all your tax related information. Every person engaging in ...
Why do I need PAN?
PAN is essential for carrying out most financial/business transactions in India. PAN is required for the following purposes: Receiving any taxable income – salary, professional fees, etc. Selling or purchasing assets like immovable property, gold, ...