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of <h1>New Tax Rule: Section 206AA Requires PAN for Tax Deduction from April 1, 2010, or Face Higher Deduction Rates.</h1> Clause 68 of the Finance (No. 2) Bill, 2009, introduces section 206AA to the Income-tax Act, effective April 1, 2010. It mandates that any person entitled to receive income subject to tax deduction must provide their Permanent Account Number (PAN) to the tax deductor. Failure to do so results in tax deduction at the highest of the specified rates, the current rate, or 20%. Declarations under section 197A are invalid without a PAN, and certificates under section 197 require it. Both parties must include the PAN in all related documents, and invalid PANs are treated as non-furnished.
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