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of <h1>Non-residents exempt from providing PAN for interest payments on long-term bonds under Section 206AA amendment.</h1> Section 206AA of the Income-tax Act is amended to exempt non-residents, excluding companies, and foreign companies from the requirement to furnish a Permanent Account Number (PAN) when receiving payments. This exemption applies specifically to interest payments on long-term bonds under section 194LC and other payments subject to prescribed conditions. This amendment, effective from June 1, 2016, modifies the existing rule that mandates PAN submission for tax deduction at source, ensuring that tax is deducted at the applicable rate or 20%, whichever is higher, for those without a PAN.
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