hiiiii,
I want to know whether PAN mendatory on Invoice or Bills?
and
What is the "Penalty" if we deduct TDS at normal rate instead of 20%.(if not mention PAN on bill)
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Is PAN mendatory on invoice/bills?
Replies (2)
According to the newly inserted sec 206AA , quoting of PAN is mandatory in all vouchers/bills/invoices & all other correspondence/communication between the deducter & the deductee. So, yes PAN is mandatorily have to be mentioned on the invoices/bills. To be on the safer side, it is better have the copy of PAN in your records from your vendors
If PAN copy is not available, penal rate of 20% is applicable on the transactions entered into with that party. Incase the same is not complied, we are liable to deposit short deposit of TDS along with interest @ 1.00% p.m for the default period.
Not Mandatory to mention on Invoice Except they didn't Provide PAN Number to the deductor
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