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

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.... Section 397(1) - Tax Deduction and Collection Account Number (TAN) read with Rule 217 Section 397(1) requires every person responsible for deducting or collecting tax to obtain and quote a Tax Deduction and Collection Account Number (TAN) for compliance with the provisions of this Chapter. Clause (a): Application for TAN Every person required to deduct or collect tax shall apply for all....

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....ctee to furnish a valid Permanent Account Number (PAN) to the deductor or collector. Clause (a): Furnishing of PAN Every person entitled to receive an amount subject to TDS or liable to TCS shall furnish a valid PAN. Clause (b): Failure to Furnish PAN Where PAN is not furnished- • TDS shall be deducted at the higher prescribed rate; or • TCS shall be colle....

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.... disentitles the applicant from obtaining a lower or nil deduction/collection certificate under section 395. Clause (g): Consequence of Invalid Declaration Where a declaration becomes invalid, tax shall be deducted or collected at the applicable higher rate. Clause (h): Quoting of PAN The deductee or collectee shall furnish and quote PAN in all relevant documents exchanged with the d....

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....TCS transactions. Clause (d): Information in Respect of Payments to Non-residents Every person making payment to a non-resident shall furnish the prescribed information in respect of such payment. Clause (e): Government Offices Government deductors or collectors making payment without challans shall furnish the prescribed statements through the designated Government authorities. Cla....