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of <h1>New Tax Rule: Provide PAN for Source Tax Collection or Face Higher Rates Under Section 206CC. Effective April 2017.</h1> The insertion of section 206CC in the Income-tax Act mandates that any person (collectee) paying a sum on which tax is collectible at source must provide their Permanent Account Number (PAN) to the tax collector. Failure to do so results in tax collection at twice the specified rate or 5%, whichever is higher. Declarations and certificates under sections 206C must include the PAN to be valid. If the PAN provided is invalid or incorrect, it is treated as not furnished, triggering higher tax rates. This section excludes non-residents without a permanent establishment in India and is effective from April 1, 2017.
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