Lower TDS, TCS rates won't apply if you don't furnish PAN or Aadhaar
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New Delhi, May 14 -- In order to enhance liquidity in the hands of taxpayers, finance minister Nirmala Sitharaman on Wednesday announced reduction in the rate of tax deducted at source (TDS) and tax collection at source (TCS) by 25%. TDS and TCS is the process through which tax is charged and collected at the source of income to ensure regular flow of revenue to the government and check tax evasion.
However, there are some categories of taxpayers who will not benefit from this announcement.
One, TDS rates differ based on whether or not the recipient of the income has furnished the Permanent Account Number (PAN) or Aadhaar to the deductor. In the absence of a valid PAN or Aadhaar, TDS can be charged at the rate of 20% or higher. After th...
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