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Tcs
HELLO SIR,
IF PARTY NOT COLLECT PAN NO. FROM CLIENT SO ITS OBLIGATION ON PARTY TO COLLECT 20% TCS RATHER THAN %. OR 206AA PROVISION NOT APPLICATION ON TCS
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No. TCS rate remains 1% only.
Seller/service provider is required to take PAN of the purchaser/recipient of service.The person raising bill shall ensure after verification that PAN has been correctly furnished and mentioned in the bill. If PAN is not available, a declaration in Form No. 60 should be taken from the purchaser/recipient of service.Such a person is required to retain Form No. 60 for a period of 6 years from the end of the financial year in which the transaction is undertaken.
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