Relaxing the requirement of obtaining TAN for certain deductors

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Question - What are the proposed amendments in section 203A in Finance Bill 2015 ?

AI Summary

Amendment to Section 203A: Tax Deductors May Use PAN Instead of TAN for Easier Compliance on One-Time Transactions. The discussion addresses proposed amendments in section 203A of the Finance Bill 2015, which aim to relax the requirement for certain tax deductors to obtain a Tax Deduction and Collection Account Number (TAN). Currently, individuals or Hindu Undivided Families (HUFs) not liable for audit under section 44AB face a compliance burden due to the TAN requirement. The amendment suggests allowing such deductors to use their Permanent Account Number (PAN) instead, especially for one-time transactions like acquiring immovable property from non-residents. This change is intended to reduce compliance burdens and will be effective from June 1, 2015.