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of <h1>Income Tax Bill 2025 Clause 397(1) introduces unified TDCAN system for all tax deduction and collection compliance</h1> The Income Tax Bill 2025's Clause 397(1) establishes a unified Tax Deduction and Collection Account Number (TDCAN) system requiring all persons deducting or collecting tax to apply for and quote this number in relevant documents. This provision consolidates TDS and TCS compliance under one framework, expanding beyond the defunct Section 206CA of the 1961 Act which only covered TCS transactions. The new clause includes specific exemptions for certain categories of deductors and empowers the government to notify additional exemptions. This evolution reflects legislative intent to modernize tax compliance through digital integration and streamlined reporting mechanisms.
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