How to apply TDS below 20% if vendor PAN ID is PANNOTAVBL?
Since there is an new relaxation allow certain companies to apply rate lower than 20%, and what would be the setup changes are required to make it happen?
Here is the details for the new relaxation.
37BC. Relaxation from deduction of tax at higher rate under section 206AA.-
(1) In the case of a non-resident, not being a company, or a foreign company ( hereafter referred to as ‘the deductee’) and not having permanent account number the provisions of section 206AA shall not apply in respect of payments in the nature of interest, royalty, fees for technical services and payments on transfer of any capital asset, if the deductee furnishes the details and the documents specified in sub-rule (2) to the deductor