20 June 2012
NO PAN-NO TI- NO TDS
IT : Karnataka HC reads down section 206AA to make it inapplicable to persons whose income is below taxable limit
• Section 206AA makes it conditional for every person who wishes to have a transaction in bank/FIs including small investors/depositors (i.e., investors/depositors with income below taxable limit) to invariably have a PAN. This runs counter to section 139A according to which such persons need not have a PAN.
• Section 206AA hinders and discourages such small investors from coming forward to invest their money for secured reasons and their secured future. This is also not desirable for country's economy.
• Further section 206AA is unreasonable as it invalidates Form 15G which does not mention PAN.
• Section 206AA which overrides section 139A is discriminatory against small investors . Section 139A has withstood scrutiny of Article 14 of the Constitution for reasonableness.
• In the result, section 206AA read down and made inapplicable to those with incomes below taxable limits. Banks and FIs not to insist on PAN for opening accounts of below taxable limit income-earners.
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