As per section 206AA introduced by finance (No.2) Act, 2009, 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% (as against 10% (7.5% wef 14th May’2020 till 31st March’2021) which is existing TDS rate) in case of domestic deposits and 31.20% in case of NRO deposits.