Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

Direct & Indirect Taxes, Tax Ready Reckoner, Tax Management, Tax Act. & Rules, Tax Planning & Tax Savings.

[Section 206C(3B)]- Correction Statement of TCS for rectification of mistake

As per Section 206C (3B), the person collecting the TCS referred to in proviso to section 206C(3) may also deliver to the prescribed authority under the said proviso, a correction statement for rectification of any mistake or to add, delete or update the information furnished in the statement delivered under the said proviso in such form and verified in such manner, as may be specified by the authority.

[Section 206C(3B)]- Correction Statement of TCS for rectification of mistake
[Section 206C(3B)]- Correction Statement of TCS for rectification of mistake

(i)   [Rule 31AA(2)]- Due Date of Filing Quarterly TCS Statement

Quarterly statement in Form No. 27EQ should be delivered or caused to be delivered within the due date specified as under:

SL
No.
Quarter of the financial
year ended
Due date
1. 30th June 15th July of the financial year
2. 30th September 15th October of the financial year
3. 31st December 15th January of the financial year
4. 31st March 15th May of the financial year immediately following the financial year in which collection is made

(ii) [Rule 31AA(3)(i)]- Manner of Filing Quarterly TCS Statement.

The statement referred to in rule 31AA(1) may be furnished in any of the following manners, namely:—

(a)        furnishing the statement in paper form;

(b)     furnishing the statement electronically under digital signature in accordance with the procedures, formats and standards specified under rule 31AA (5);

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(c)      furnishing the statement electronically along with the verification of the statement in Form 27A or verified through an electronic process in accordance with the procedures, formats and standards specified under rule 31AA(5).

(iii) [Rule 31AA(3)(ii)]- E-Filing of Quarterly Statements of TCS mandatory in certain cases:

(a)        the collector is an office of the Government; or

(b)        the collector is the principal officer of a company; or

(c)      the collector is a person who is required to get his accounts audited under section 44AB in the immediately preceding financial year:

(d)     the number of collectee’s records in a statement for any quarter of the financial year are twenty or more,

the collector shall furnish the statement in the manner specified in item (b) or item (c) of clause (i) of rule 31AA(3).

The collector shall furnish the statement in the following manner:

(1)     furnishing the statement electronically under digital signature in accordance with the procedures, formats and standards specified under rule 31AA (5).

(2)     furnishing the statement electronically along with the verification of the statement in Form 27A or verified through an electronic process in accordance with the procedures, formats and standards specified under rule 31AA (5).

[Rule 31AA (3)(iii)]- Collectors other than the above may also opt to file statement on computer media:

A person other than the above, responsible for collecting tax at source, may at his option, deliver or cause to be delivered the statements electronically along with the verification of statement in Form 27A.

(iv) [Rule 31AA (4)]- Procedure for Filing Quarterly Statement of TCS:

The collector at the time of preparing statements of tax collected shall,—

(i)         quote his tax deduction and collection account number (TAN) in the statement;

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(ii)     quote his permanent account number (PAN) in the statement except in the case where the collector is an office of the Government:

(iii)       quote the permanent account number of all collectees;

(iv)    furnish particulars of the tax paid to the Central Government including book identification number or challan identification number, as the case may be.

(v)     furnish particulars of amount received or debited on which tax was not collected in view of the furnishing of declaration in Form 27C under section 206C(IA) by the buyer.

(v) Procedure for e-Filing of TCS Statement

The collector at the time of preparing statements of tax collected shall,—

(i)         quote his tax deduction and collection account number (TAN) in the statement:

(ii)     quote his permanent account number (PAN) in the statement except in the case where the collector is an office of the Government;

(iii)       quote the permanent account number of all collectees;

(iv)    furnish particulars of the tax paid to the Central Government including book identification number or challan identification number, as the case may be.

(v)      furnish particulars of amount received or debited on which tax was not collected in view of the furnishing of declaration under section 206C(1A) by the buyer.

The Principal Director General of Income-tax (Systems) or Director General of Income-tax (Systems) shall specify the procedures, formats and standards for the purposes of furnishing and verification of the statements and shall be responsible for the day-to-day administration in relation to furnishing and verification of the statements in the manner so specified.

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