Comparison of section 397 "Compliance and reporting." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)
15 September, 2025
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TAN/PAN compliance tightens reporting and mandates higher withholding where PAN is not furnished, while shortening correction windows. Clause 397 mandates TAN application and mandatory TAN quoting by deductors/collectors, requires payees/payers to furnish a PAN (with enacted text adding a ... Summary
TAN/PAN compliance tightens reporting and mandates higher withholding where PAN is not furnished, while shortening correction windows.
Clause 397 mandates TAN application and mandatory TAN quoting by deductors/collectors, requires payees/payers to furnish a PAN (with enacted text adding a "valid" PAN requirement), prescribes higher withholding/collection rates where PAN is not furnished subject to enumerated exceptions, requires timely deposit of deducted/collected tax and filing of prescribed statements, provides a correction statement mechanism with a time limit, sets special reporting duties for payments to non residents and small interest payments by banks/co operatives/public companies, and preserves collector liability for unpaid but collectible tax.
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