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of <h1>Clause 397 tightens TDS/TCS rules: mandatory TAN, valid PAN, higher withholding, shorter correction window and reporting changes</h1> Clause 397 imposes TDS/TCS compliance: mandatory TAN application/quotation, PAN furnishing by payees/payers, higher withholding for absent PAN, timely deposit and statement-filing, correction statements, and special reporting for small interest and non-resident payments. Key differences between the enacted Act and the original Bill: exempt table references were changed (altering who must obtain TAN); the Act adds a 'valid' PAN requirement; the correction-statement window is shortened from six years (Bill) to two years (Act); threshold language for small-interest reporting shifts from 'less than' to 'not exceeding'; and the Act expressly cross-references section 200, all of which tighten compliance risk and create boundary/interpretation effects.
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