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Section 206AA(1)

Posted @ May 7, 2014, 6:09 am under (International Taxation Services)

Section 206AA(1) 
 
(1) Notwithstanding anything contained in any other provisions of this Act, any person entitled to receive any sum or income or amount, on which tax is deductible under Chapter XVIIB (hereafter referred to as deductee) shall furnish his Permanent Account Number to the person responsible for deducting such tax (hereafter referred to as deductor), failing which tax shall be deducted at the higher of the following rates, namely:—
 
              (i) at the rate specified in the relevant provision of this  Act; or
 
      (ii) at the rate or rates in force; or
 
      (iii) at the rate of 20% (twenty percent).
 
(2) Further, PAN to be quoted on all correspondences, bills, vouchers, etc. between payer and payee. 

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