If you don’t have PAN card and want to apply for new card, read about how to apply for pan card?. This article writes about the new rule to make the PAN compulsory for whose income after the TDS deduction.
Submit Your PAN Details to Avoid TDS
PAN is compulsory if your income is above the taxable income. This rule is already in place. But, there is no need of mentioning the PAN when your income is from bank interests, the banker will deduct the TDS and credit the remaining amount. Till now you can submit the Form 15G or Form 15H to avoid the TDS. In this case, there is no need to mention the PAN card number. With effective from April 1,2010, every one has to submit their PAN card details to avoid the TDS deduction on highest rates. It will be compulsory for anyone receiving the money after TDS deduction.
Summary
I hope this article would have been very useful. If you have any doubts please post it in the comments section.
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January 28, 2010 at 10:56 pm
My dad is retired, over 65 years and has been submitting form 15H regularly to avoid TDS. He receives very small amount as pension and does not have any taxable income. He does not have a PAn number. Will he be required to apply for a PAN number just to submit it with form 15H?
January 29, 2010 at 2:28 am
Hello Jayashree,
Yes. It is good to have PAN number.
Thanks,
Krishna
May 22, 2010 at 3:39 am
How will I have a colour PAN CARD though I possess a card of black & white ? Pl. advise.