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
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)
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