Hi Guys,
Does PAN number is Mandatory for a deductee from whom the TDS is deducted? If Mandatory what is the Rate of TCS to be Collectedffrom the deductee who has no PAN?
4 Replies
Manoj BG
(Tax Professional and in Service)
(1795 Points)
Replied 03 September 2015
Hi Vignesh,
If deductee want to take credit of tax deducted, then its compulsory for him to have PAN and deductee must also ensure to submitt PAN to the deductor to update in TDS return for his TDS transaction.
TDS/TCS rate for non PAN cases is 20% in case of payment covered under other than section 195 (Foreign remittance).
Thanks and Regards,
Manoj B. Gavali
Vignesh Krishnan
(Article Assistant)
(106 Points)
Replied 03 September 2015
Thanks for the reply? Could you gimme the exact section for that?
Vignesh Krishnan
(Article Assistant)
(106 Points)
Replied 03 September 2015
But Section 206 AA does not cover TCS.
Recent Topics
- Capital gain on receiving office by res. Home
- CA Inter costing best faculty- Parag Gupta or Ashi
- Nps tier-2 taxation
- Query about rule 42
- ITC on Credit note updated late in GSTR3B
- TDS Remove Deductee from Challan
- Query regarding MCQ OMR
- RCM Taxable Value Wrongly Shown in March 25 GSTR -
- Tax Treatment of Consideration Received Under Irre
- ITC on Car loan processing charges
Related Threads
CAclubindia
