hiiiii,
I want to know whether PAN mendatory on Invoice or Bills?
and
What is the "Penalty" if we deduct TDS at normal rate instead of 20%.(if not mention PAN on bill)
darpan chheda
(Accounts Manager)
(90 Points)
Replied 31 August 2010
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.
ram chandra
(article student)
(37 Points)
Replied 28 February 2018
Not Mandatory to mention on Invoice Except they didn't Provide PAN Number to the deductor