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TDS on Inoperative/Invalid PAN

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Questions and Answers

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?

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?

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?

It attracts the same TDS as NOPAN Signup and view all the answers

What is NOPAN?

A PAN that is not provided Signup and view all the answers

What is the primary purpose of Tax Deducted at Source (TDS)?

To collect indirect tax by the Government of India Signup and view all the answers

Under which Act is TDS governed?

Income Tax Act, 1961 Signup and view all the answers

Why is tax deducted at source by a bank?

If total interest paid/ payable on all term deposits held by a person exceeds the specified amount Signup and view all the answers

What is the purpose of the bank's PAN?

For tax assessment purpose and wherever there is a requirement to quote the same Signup and view all the answers

What is the significance of centralizing Payment of TDS under various sections of Income Tax Act, 1961?

To simplify the process of TDS payment Signup and view all the answers

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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Description

This quiz covers the implications of Inoperative/Invalid PAN on TDS. Learn how Inoperative PAN, not linked with Aadhaar, and Invalid PAN, not matched with NSDL site, attract TDS.