Wednesday, November 14, 2012

FAQ :- Pan Ledger

 Q1-From which financial year will the Annual Statement under Sec. 203AA (Form No. 26AS) be issued?

           The annual statement (Form No. 26AS) will be issued for all tax deducted and tax collected at source from FY 2005-06 onwards after the expiry of the financial year.

Q2-How will the PAN-wise ledger account be created by NSDL in respect of payment of TDS made by deductors in banks?
         The PAN-wise ledger account will be created after matching the information in the TDS/TCS statements filed by the deductor/collector and the details of tax deposited in banks coming through On Line Tax Account System (OLTAS).

Q3-What essential information should be given in the quarterly statements to enable accurate generation of PAN-wise ledger account?

             The accuracy of PAN-wise ledger account will depend on:
  • Correct quoting of TAN by the deductor.
  • Correct quoting of PAN of deductor.
  • Correct and complete quoting of PAN of deductee.
  • Correct quoting of CIN (Challan Identification Number) wherever payment is made by challan.
Q4-Will a deductee be able to view his ledger account on NSDL-TIN website?
          Yes. The scheme for such views is expected to be notified by ITD soon.

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