From 1 April all transactions involving amounts taxable at source need to be accompanied by a permanent account number (PAN). If not, tax deducted at source will be at the higher of the prescribed rates, or 20% on income liable to tax under the Income Tax Act, 1961.
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The legislative and regulatory update is compiled by Nishith Desai Associates, a Mumbai-based law firm. The authors can be contacted at nishith@nishithdesai.com. Readers should not act on the basis of this information without seeking professional legal advice.
