TDS Refund will delay for 2013-14

Income tax department will delay payment of TDS for assessment year 2013-14.According to sources govt will delay large crunch of refund to taxpayers as govt wants to show less deficit.Govt thinks if return will be given on time then Govt have less funds,therefore rating agencies will get chance to downgrade the rating of Indian Economy.Downgrading of economy will effect FII Investment.whereas experts wants govt to pay interest with of return with the same rate it charge from Taxpayers.Lets see it will increase interest rate on refund or not.

Quote correct PAN or pay more tax

NewDelhi:All tax assessees, including non-residents, whose tax is deducted at source must quote the correct permanent account number (PAN) or else they would end up paying more tax. "The deductee shall mandatorily furnish his PAN to the deductor failing which the deductor shall deduct tax at source at higher rates," says the Finance Bill for 2009-10. The government also proposes to make amendments in the Income tax Act to charge those not quoting PAN at a higher tax rate from April 1 next year. The bill says the deductor will deduct tax at higher rates than that is in force or 20 per cent in case the TDS assessee does not furnish his PAN. In fact, people who have interest income or other income which is not taxable should also fill a form (15 G) and senior citizens (above 65 years of age) or pensioners (form 15H) and quote their PAN in the form, if they do not want to be taxed. Besides, a similar rule is applicable to non-residents who are liable to get tax deducted at source following any transaction in the country, according to the Finance Bill. " These provisions will also apply to non-residents where TDS is deductible on payments or credits made to them," the document said.