Hello, Today I have found the new statement from HDFC bank at net banking log in window: As per section 206AA introduced by Finance (No. 2) Act, 2009 effective April 01, 2010, every person who receives income on which TDS is deductible shall furnish his PAN, failing which TDS shall be deducted at the rate of 20% in case of Domestic deposits and 30.90% in case of NRO deposits Additionally, in the absence of PAN, Form 15G/H and other exemption certificates will be invalid even if submitted & penal TDS will be applicable.
What a bouncer from RBI... damn - as paypal is not accepting pan details in whatsoever condition they want the same name account to be given... but as per the income tax rules - proprietor company should given the PAN details of the owner only... not the company. and paypal is not understanding this - i hope this new RBI bouncer will not affect the paypal withdrawal system because if it does... then all would be in huge huge issue... one the other hand i feel that - this new regulation is meant for the banking purpose - as we are accepting payments in our banks - therefore if banking account are updated with PAN details then there is no issue at all... Isn't it...!
To get your PAN card is a must and it is easy nowadays. So why not apply for a PAN card and escape all hassles.
AFAIK.... pan number is now mandatory to open a bank account and so I guess, this notice is for those who are yet to provide one. Regards, RightMan
Getting a Pan card is every easy now a days. Day by day PAN is becoming mandatory for every kind of financial transactions..
PAN card is indeed mandatory nowadays. Apply and Get one. There are also many agents who would do it for you for some nominal fees. Regarding PayPal, its just a new security system to abide by the RBI guidelines.
every new rule which is passed by the government body is to make sure that the money which is brought in the country is white. I believe this is an effective way to avoid any sort of money laundering which shall ultimately benefit the tax payer.
. Nothing wrong in this, Cases happen where TDS is deducted but it is not forwarded to Goverment, and that money gone in to pocket of person/company who deducted your TDS. with referance to PAN they can check if TDS is deposited to goverment or not. .