Friday, August 6, 2010

Quote your PAN

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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1 comment:

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Safe Harbor:

The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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