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
Menu
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.
Recent Topics :
- How Do CA Firms Manage Client Document Collection
- How do CA firms manage pending client documents du
- How to find a good CA
- Rcm on rent paid
- Clarify on GST Application
- Residential status for overseas students visitin
- Capital Gains Tax
- LTCG 112A and business loss
- FAST-DS 2026 applicability: foreign employee share
- NRI Property Sale in India: TDS Rates and Key Comp
Related Topics :
CAclubindia
