INDIA BUSINESS WORLD - 2008 HIGHLIGHTS NEWS

PAN MADE MUST FOR TDS, TCS RETURNS

The income-tax department has made it mandatory for employers to quote permanent account number (PAN) of all employees and parties from whom tax is deducted while filing quarterly TDS or TCS returns. "It has now been decided to enhance the threshold limit for PAN quoting without which TDS/TCS (tax deducted at source/ tax collected at source) re-turns will not be accepted," said a finance ministry statement. The limit has been enhanced to 95% from 90% in case of Form 24Q and to 85% from 70% in case of Forms 26Q and 27EQ, it said.