TDS and TCS compliance consolidates TAN, PAN, tax deposit, reporting, correction statements and continuing collector payment liability.

Section 397 consolidates TDS and TCS compliance concerning TAN, PAN, tax deposit, statements and prescribed reporting. Persons deducting or collecting tax must obtain and quote TAN unless covered by specified exceptions. Deductees and collectees must furnish PAN; failure triggers higher TDS or TCS rates, invalidates specified declarations and prevents lower or nil deduction or collection certificates. Deductors, collectors and specified employers must deposit tax, furnish prescribed statements and report designated non-resident payments. Correction statements may be filed within the permitted period, and collectors remain liable to deposit tax even if it has not been collected.

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