As per the new provision effective April 1, 2010 governing tax deduction at source/withholding tax (TDS) under the Income Tax Act, 1961, tax at higher of the prescribed rate or 20% will be deducted on all transactions liable to TDS, where the Permanent Account Number (PAN) of the deductee is not available.
It is also clarified that no certificate shall be given by the assessing officer under section 197, for deduction at lower rate or ‘no deduction’. Similarly, no declaration for non-deduction of TDS on payments, by an individual shall be valid, unless the application bears PAN of the applicant / deductee.
No comments:
Post a Comment