No pan no

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shamkant (Querist)
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10 August 2011 If any employee does not have pan no at the time of deduction of income tax & his slab is above 5lakhs i.e 20% then what will be the TDS rate if he does not have pan. is it 40/% or 20%

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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10 August 2011 For the assessment year 2012-13, tax rate in between Rs. 5 to Rs. 8 lakhs is 30.90%.
If the income falls under the above slab and the employee is not submitting PAN, then also tds rate is 30.90% as per section 206AA of the IT Act,1961.

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