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What Happens if PanCard Wrongly Registered with Bank?

It is in your interest that you make sure that your Pancard is updated with the bank correctly as having a wrong Pan card updation in the bank can have adverse effect as given below:

As per the new provision of Income Tax Act with effect from 1st April 2010 , in case of non availability of your PAN or incorrect PAN details with the bank, TDS shall be deducted at the higher of the following rates, namely :-

                 i.  at the rate specified in the relevant provision of this Act or
                 ii. at the rate or rates in force or
                 iii.at the rate of twenty per cent.

The above is applicable to both Resident & Non Resident customers and also for cases where Form 15G/H or other certificates were submitted for exemption.

Check Pancard Numbering Decoded here.

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