In order to support the PAN appliance, section 206AA has been placed w.e.f. April, 1, 2010. The main highlights of section 206AA are as below :
Every person whose receipts are subject of deduction of tax at source (i.e. the deductee) shall furnish his PAN to the deductor. It will be compulsory from April 1, 2010.
If such person does not furnish PAN to the deductor, the deductor will deduct tax at source at higher of the following TDS rates –
- The rate prescribed in the act;
- At the rate in force, i.e. the rate mentioned in the finance act; or
- Most of the case @ 20 %
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