In compliance with Section 139A(5)(c) of the Income Tax act *all the sellers raising an invoice of INRs 200000 or more should display the 10 digit PAN number (of both vendor as well as a customer)* on each such invoice as a separate field
*This is with effect from 1st October 2021*
In other words, in addition to GST number, you have to separately display your as well as your customers PAN number
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This section is now implemented or not ? pls clrfy
Replies (1)
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.
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