Wrong PAN number mentioned by Fin team.

POSTED BY Praful Karambelkar ON August 9, 2012 5:52 pm COMMENTS (2)

Hello Team,
Warm Greetings,

My friend in my company is seeing now that his PAN number mentioned wrong by Fin team. What will be the affect of this or it would have been rectified by the TAX org. Will his deducted TAX will still under his right PAN number?

Please suggest,

2 replies on this article “Wrong PAN number mentioned by Fin team.”

  1. BanyanFA says:

    Praful,
    You can ask your friend to check his Form 26AS to see if the TDS against his PAN are reflected. If yes, then it is more of a documentation issue rather than actual taxation issue. If TDS is not deducted, then it is vital that the correct PAN is mentioned by the finance team else it would have far reaching issues such as :
    1. The Tax deducted would not show under your friend’s name
    2. A tax demand notice may be served – and your friend will face unncessary hardships to prove that the tax has been adequately deducted.
    3. If any refund is due, it will not be released.

    Hence, please get the finance team to rectify the details at the earliest.

    Regards
    BanyanFA

  2. Dear Praful, The Tax deducted against your friend’s income ‘ll be shown under the wrong PAN & hence when S/he ‘ll file her/his income tax return, the tax liability ‘ll be there for already ddeducted tax but not credited under the right PAN.

    The way out?

    Please ask your friend to contact the Fin. Team immediately & rectify the PAN & then ask them to refile the TDS return with updated PAN of your friend.

    Then ask your friend to file the ITR if not filed already.

    Thanks

    Ashal

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