As per the new law a deductee has to submit PAN no. to deductor and if he not submit the no. the rate will be 20% but i want to know that if he was not having PAN and not exceeding Excemption limit and he want to not deduct the tax can he submit form no. 60 and form 15G/15H.
24 January 2010
Provision of 20% will apply from 01-04-2010. In case of interest you can submit form 15G/15H. Then no TDS will be deducted. But in other cases like contract, commission, lottary, professional fees, rent etc. TDS will be deducted and there is no other way. you have to submit your PAN to avoid this high rate of TDS
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