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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income Tax Bill 2025 Clause 397(3) consolidates TDS/TCS reporting, expands compliance requirements for all payers</h1> The Income Tax Bill 2025's Clause 397(3) modernizes TDS/TCS compliance by consolidating reporting obligations for tax deduction and collection at source. It expands beyond the current Section 206C framework by mandating reporting of payments to non-residents regardless of taxability, requiring below-threshold interest payment statements, and establishing correction mechanisms within six years. The provision creates unified compliance for deductors, collectors, and employers while empowering authorities to deliver statements directly to taxpayers. Government offices must report through designated officers even without standard challans. The clause maintains liability for uncollected taxes and enables Board-mandated reporting for additional payers, representing a comprehensive overhaul aimed at enhancing transparency, accuracy, and digital compliance in tax administration.
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