TDS

This query is : Resolved

CA Kamal Goyal (Querist)
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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.

CA Navin Jain

CA Navin Jain (Expert)
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09 July 2011 yes, in the absence of pan no, tds would be deducted @ 20% or rate mentioned in sec whichever is higher

CA Kamal Goyal

CA Kamal Goyal (Querist)
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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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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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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