Section 206aa
This query is : Resolved
29 November 2014
As per section 206AA,
In case of failure to furnish PAN , the deductor has to deduct the tax at a ratehigherof
a)The rate prescribed under the Actor
b)The rate in force (rates as mentioned in the Finance Act)or
c)The rate of 20%
Please Can anyone explain what is the meaning of the above (a) and (b) with one simple example.
Thanks in advance for helping in this regard.....
29 November 2014
a) rate prescribed in act like u/s 194C rate of TDS 1% for individual b) rate as mentioned in finance act (if changed by act or some condition given in act) and c) 20%
if individual have no pan then 20% will be deducted. if have pan then 1%.
if finance act add the edu cess then rate change accordingly.
you remember some year ago cess is also deducted with the tds. at present its removed by the finance act.
if individual have no pan then 20% will be deducted. if have pan then 1%.
if finance act add the edu cess then rate change accordingly.
you remember some year ago cess is also deducted with the tds. at present its removed by the finance act.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Treatment of Pension ?annuity returns on PMVY
- Soyabean hsn code and gst rate
- NON- SUBMISSION OF LLP FORM 3
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Long Term Service award taxability in hands of company
- Free lancer income
- What is provisional receipt number for generation of form 16A
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- ITR selection for salaries and capital gain less than L
- Showing Gift from relative in ITR for this year
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
