- Obtaining TAN number for complying with the provisions;
- Issuance of TDS certificate to the seller;
- Filing of TDS return quarterly and mention PAN of the seller;
- Taxes needs to be deposited within the specified time limit with the Government; and
- May be scrutinized by the TDS officer
The rate of 1% may increase to 20% if seller does not provide PAN due to overriding provision of section 206AA of ITA.