Default tax deduction rate under section 206AA lowered where section 194Q applies, affecting payees who don't furnish PAN. Amendment to section 206AA provides that where tax is deductible under section 194Q, the default higher-rate consequence for failure to furnish PAN will ... Summary
Default tax deduction rate under section 206AA lowered where section 194Q applies, affecting payees who don't furnish PAN.
Amendment to section 206AA provides that where tax is deductible under section 194Q, the default higher-rate consequence for failure to furnish PAN will apply as if a lower default rate (substituting the general default) were prescribed; the change is effective from 1st July, 2021.
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