TDS
This query is : Resolved
09 July 2011
i have heard about a new notification about TDS .i.e PAN no. should strictly mention on each and every Bill or negotiable instruement otherwise TDS should deducted with 20%.
Is it right if yes please give notification no.
Is it right if yes please give notification no.
09 July 2011
yes, in the absence of pan no, tds would be deducted @ 20% or rate mentioned in sec whichever is higher
09 July 2011
There are two different things i.e PAN no. available(in any way) or PAN no. mentioned on each and every bill/invoice.
Please clarify
Please clarify
09 July 2011
As per section 206AA(5) of the income tax act,1961, PANo should be mentioned in all correspondence,bills vouchers and other documents related to those amounts on which TDS provisions attracts. Non compliance will attract deduction at higher rate as prescribed in 206AA(1) of the said act.
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