Section 206CC of ITA, 1961 : Section 206Cc: Requirement To Furnish Permanent Account Number By Collectee

ITA, 1961

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Explanation using Example

Imagine a scenario where a company, XYZ Pvt. Ltd., is purchasing scrap metal from various vendors and is required to collect tax at source (TCS) under Chapter XVII-BB of the Income-tax Act, 1961. One of the vendors, Mr. Kumar, is supposed to provide his Permanent Account Number (PAN) to XYZ Pvt. Ltd. before the transaction is completed.

If Mr. Kumar fails to furnish his PAN to XYZ Pvt. Ltd., the company must collect TCS at a higher rate. This means that instead of collecting tax at the rate specified in the Act for such transactions, XYZ Pvt. Ltd. must colle...

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