TDS @ 20 % without pan and adjustment on submission of Pan in case of salary

Posted: 29 Aug 2010 07:14 AM PDT

When PAN is furnished after deduction of tax at 20 per cent There are two employees - X and Y, who have not disclosed their PAN on April 1, 2010. Monthly salary is Rs. 15,000 and Rs. 40,000 respectively. During April and May 2010, tax is deducted at the rate of 20 per cent by applying the provisions of section 206AA. On June 1, 2010, X and Y get PAN and the same is furnished to the employer. Is it possible to adjust the excess tax against tax deductible from June 2010 onwards ? Under...

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