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Tax Shock: Church Account Linked to IT Pro's PAN
9 Oct
Summary
- Bank error wrongly mapped church account to employee's PAN.
- IT professional faced a deadline to correct a Rs 47.85 lakh mismatch.
- Disclosure of foreign RSUs and retirement payouts also required.
An IT professional, Sahil, experienced a startling tax filing crisis on December 31st, facing a demand for a revised return due to a Rs 47,85,734 cash deposit mismatch linked to his PAN. This occurred because of a bank reporting error where the account of a charitable trust, 'The Society of St. Pauls Church,' was accidentally mapped to Sahil's personal PAN.
Working against the midnight deadline, Sahil successfully disowned the erroneous cash entry by providing evidence through the Annual Information Statement (AIS) feedback section. This corrected the Rs 47.85 lakh figure, attributing it to the church's tax identity.
The revision process also prompted Sahil to address other financial disclosures. He included a retirement settlement payout of Rs 5,69,922 from his former employer and disclosed vested foreign Restricted Stock Units (RSUs) from his current company, ensuring compliance with Schedule FA and AL requirements.
By 9:10 PM on New Year's Eve, Sahil's revised return was successfully filed, closing the official inquiry. The incident serves as a crucial reminder for professionals to regularly monitor the AIS portal and ensure organizational accounts use independent PANs.
