Compliance and Reporting - Section 397 (New) / Section 200, 200A,203A, 206AA, 206C, 206CB (Old)

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... to deduct or collect tax shall apply for allotment of a TAN as prescribed in Rule 216, if such number has not already been allotted. Section 397(1) Clause (b): Mandatory Quoting of TAN Once allotted, the TAN shall be quoted in- • challans; • statements; • certificates; and • such other prescribed documents relating to TDS or TCS. Section 397(1) Clause (c): Exceptions The requirement to obtain TAN does not apply to specified deductors notified under the Act, including certain persons deducting tax on- • Rent;{393(1) ; Table S.No, 2(i)},  • Transfer of immovable property;{393(1); Table S.No, 3(i)},  • Fees for p....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 2,3 and 4) and other payments subject to conditions as prescribed in Rule 217. Section 397(2) Clause (d): Exception for Certain Non-residents under TCS The higher TCS provisions shall not apply to a non-resident not having a permanent establishment in India. Section 397(2) Clause (e): Restriction in Case of Rent Where tax is deductible from rent at the higher rate due to non-furnishing of PAN, the deduction shall not exceed the rent payable for the last month of the tax year or tenancy. Section 397(2) Clause (f): Effect on Declarations and Certificates Failure to furnish PAN- • renders declarations under sections 393(6) and 394(2) invalid; and • disentitles the applicant from obtaining a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....statement, in the specified form and manner, to the buyer, licensor or lessee referred to in section 394(1), Table Sl. Nos. 1 to 4 or 9. Section 397(3) Clause (d): Information in Respect of Payments to Non-residents read with Rule 220 Every person making payment to a non-resident not being a company, or to a foreign company shall furnish the prescribed information {Form No. 145} in respect of such payment. Section 397(3) Clause (e): Statement by Government offices where tax is credited without challan: Where tax deducted or collected by a Government office, or tax paid by an employer under section 392(2)(a), is credited to the Central Government without production of an income-tax challan, the Pay and Accounts Officer, District ....