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of <h1>Income Tax Bill 2025 Clause 397(2) mandates higher TDS TCS rates for non-PAN transactions with strict compliance requirements</h1> Clause 397(2) of the Income Tax Bill, 2025 consolidates and expands compliance requirements for PAN furnishing in TDS and TCS transactions, building upon Section 206CC of the 1961 Act which only covered TCS. The new provision mandates higher tax rates for non-furnishing of PAN: TDS at specified rates, 5%, or 20% depending on circumstances; TCS at twice the specified rate or 5%, capped at 20%. It includes exemptions for non-residents, special provisions for rent payments, and invalidates declarations/applications without PAN. The provision aims to enhance tax compliance, improve transaction traceability, and reduce evasion through stringent penalties and comprehensive documentation requirements.
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