Failing to Provide PAN Leads to Tax Deduction at Higher Rates: Income Tax Act, Finance Act, or 20% per Section 206AA.
If you do not provide your Permanent Account Number (PAN) to the payer, the tax will be deducted at the highest of the following rates: the rate specified in the relevant provision of the Income Tax Act, the rate prescribed in the Finance Act, or at 20%, as mandated by section 206AA.
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