The ISSUES the buyer may face to implement this TDS provisions – The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.

By ECOPACKINDIA / June 3, 2013

Obtaining TAN number for complying with the provisions;
Issuance of TDS certificate to the seller;
Filing of TDS return quarterly and mention PAN of the seller;
Taxes needs to be deposited within the specified time limit with the Government; and
May be scrutinized by the TDS officer

The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.