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Questions and Answers
What happens to an INOPERATIVE PAN in terms of TDS?
What happens to an INOPERATIVE PAN in terms of TDS?
- It attracts the same TDS as NOPAN (correct)
- It attracts reduced TDS
- It attracts higher TDS
- It attracts no TDS
What is an INOPERATIVE PAN?
What is an INOPERATIVE PAN?
- A PAN that is not linked with AADHAAR (correct)
- A PAN that is linked with AADHAAR
- A PAN that is not matched with NSDL site
- A PAN that is invalid
What is an INVALID PAN?
What is an INVALID PAN?
- A PAN that is inoperative
- A PAN that is not matched with NSDL site (correct)
- A PAN that is linked with AADHAAR
- A PAN that is not valid
What happens to an INVALID PAN in terms of TDS?
What happens to an INVALID PAN in terms of TDS?
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What is NOPAN?
What is NOPAN?
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What is the primary purpose of Tax Deducted at Source (TDS)?
What is the primary purpose of Tax Deducted at Source (TDS)?
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Under which Act is TDS governed?
Under which Act is TDS governed?
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Why is tax deducted at source by a bank?
Why is tax deducted at source by a bank?
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What is the purpose of the bank's PAN?
What is the purpose of the bank's PAN?
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What is the significance of centralizing Payment of TDS under various sections of Income Tax Act, 1961?
What is the significance of centralizing Payment of TDS under various sections of Income Tax Act, 1961?
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Study Notes
TDS (Tax Deducted at Source)
- A system of collecting indirect tax by the Government of India as per the Income Tax Act, 1961
- The bank has a statutory obligation to deduct tax at source if total interest paid or payable on all term deposits held by a person exceeds a certain amount specified under the Income Tax Act
Bank's Obligations
- The bank deducts tax at source if the total interest paid or payable exceeds the specified amount
- The bank's PAN (Permanent Account Number) is AAACU0564G
- The bank uses this PAN for tax assessment purposes
- The PAN is quoted wherever required
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