CA Sansaar
- All Categories
- Income Tax (1633)
- Students (770)
- Service Tax (497)
- Corporate Law (465)
- Audit (399)
- Accounts (341)
- VAT (277)
- GST (145)
- Excise (106)
- Finance (105)
- Banking (46)
- FEMA (40)
- Custom (29)
- Shares & Stock (18)
- IFRS (18)
- Income Tax Software (5)
- Cost Inflation Index (1)
Recent
- IN A GOVT OWENED PSU, MAKE PROVISION IN ACCOUNTS FOR ITEM HAVING CONTIGENCY IN NATURE
- GST Notice Received: How Should a Taxpayer Respond?
- CA vs CMA: Which is better?
- Can a Chartered Accountant Sign Estimated Financial Statements?
- Want to assist in Forensic Audit
- Revising 3CA 3CD to 3CB 3CD
- LFAR in Bank Branch Audit - Clause-by-Clause Discussion by CA Vivek Khurana Notes required
- Bank Branch Audit
- Got high refund
- Form 67
- GSTR9
- Partner of CA firm required
- RENEWAL OF REGISTRATION
- financial statements
- income Tax
- ITR Filing
- Property Attachement
- Liability of Independent and Non-executive director
- financial statements
- stock statement procedure for bank od loan
- ITR FILING OF ARMY UNIT
- signing of Project report
- NON CORPORATE BALANCE SHEET FORMAT
- CA FINAL
- Accounting Treatment of Mutual Fund under IndAS
- ITC Availed & Utilized on Supply from Non-Existent Firms
- GST Liability of Award received by a Company
- Reund of TDS Excess Deposited
- Income Tax TDS
- gst
- Reconstitution of partnership firm in case of death of partner and introduction of new partner
- Consolidattion of financial statemement
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- NR GST NUMBER
- Presumptive Income
- tax audit late filing penality provision applicable f.y.23-24
- Interest in outstanding demand
- sale turnover declared as per books or AIS show in itr f.y.23-24
- GST
- tax audit or normal itr filed f.y. 23-24
Q. > Please Help: Income Tax
In the case of TDS we have to deduct 20% in the absence of PAN but in the case of TCS which rate apply in he absence of PAN?
answered Dec 17, 2011 by AKHIL MAHESHWARI , Bhilwara
Dear Atul Ji, in case of TCS, for such PAN absence, the rate would be 20% as the rate of TDS......
answered Dec 17, 2011 by CA VIPIN GARG , New Delhi
Dear Atul Ji, As far as I concern, sec 206aa of IT Act which was inserted from 01.04.2010 is only talks about TDS @ 20% in case of no pan, regarding TCS it is totally silent and also there is no other specific section (as far as my knowledge is concern) which says that we should collect tcs @ 20% in case of absence of PAN.
So, according to me even in case of absence of PAN No. is TCS should be collected at the normal rates and not @ 20%.
Hope you got the answer you were looking for, have a nice day Atul Ji.........
answered Dec 17, 2011 by AKHIL MAHESHWARI , Bhilwara
I am providing the answer as per my knowledge and experience, i.e. 20%, but majority is answering else, therefore if my answer is wrong please forgive me.......
answered Dec 18, 2011 by Ashish Karundia , New Delhi
Dear Atul,
In the instant case, it may be noted that TCS will be collected at the rate provided in section 206C of Income Tac Act, 1961 as Section 206AA is applicable to Section 206C i.e. TCS.
Further, it may also be noted that Section 206AA(1) (i.e. deduction at 20% if PAN not available)is applicable ONLY for any deduction under Chepter XVIIB and as far as TCS is considered, the same is covered under chapter XVIIBB.
Thus, the provision of deduction at higher rate is not applicable to TCS.
Hope the above suffice.
Experts Panelist
Comments
CA Vinod Kumar
17-Dec-2011 , 05:32:09 pmCA Vipin Garg is right,,,