| 1. |
The payer has to apply for tax deduction and collection account number (TDCAN) in Form 49B. However in case of an assessee who as per the related provisions applicable before 1st October' 2004, has already got separate TAN & TCAN allotted need not apply again for allotment of a separate TDCAN number. |
| 2. |
Such payer is to deduct tax from the income/ payment mentioned in the various sections from 192 to 196D. |
| 3. |
The amount so deducted should be deposited within the requisite time to the credit of Central Govt. |
| 4. |
Payee should be issued certificate of tax deduction at source on or before certain specified date. |
| 5. |
Lastly the payer is required to file quarterly statements as prescribed for having deducted and paid tax. |
