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of <h1>Income Tax Bill 2025 Clause 397(3) expands TDS reporting obligations beyond current Section 200 requirements</h1> The Income Tax Bill 2025's Clause 397(3) significantly expands compliance and reporting obligations for tax deduction and collection at source compared to the existing Section 200 of the Income-tax Act 1961. Key enhancements include mandatory reporting of all payments to non-residents regardless of tax liability, reporting of interest payments below prescribed thresholds, explicit liability for failure to collect tax, and broader coverage encompassing both deductors and collectors. The provision introduces downstream reporting requirements for prescribed authorities and maintains six-year correction windows. While building on existing frameworks, it imposes greater compliance burdens, enhances transparency through comprehensive data collection, and aligns with international reporting standards for improved tax enforcement.
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