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What is Tax collection account number? What is Processing of statements of tax collected at source? Section 206CA and 206CB of Income Tax Act 1961

Tax collection account number and Processing of statements of tax collected at source are defined under section 206CA and 206CB of Income Tax Act 1961. Provisions under these Sections are :

Section 206CA of Income Tax Act "Tax collection account number"

Section 206CA. (1) Every person collecting tax in accordance with the provisions of section 206C, shall, within such time as may be prescribed47, apply to the Assessing Officer for the allotment of a tax collection account number.

(2) Where a tax collection account number has been allotted to a person, such person shall quote such number-
(a) in all challans for the payment of any sum in accordance with the provisions of sub-section (3) of section 206C;

 

(b) in all certificates furnished under sub-section (5) of section 206C;

(c) in all the returns delivered in accordance with the provisions of sub-section (5A) or sub-section (5B) of section 206C to any income-tax authority; and

(d) in all other documents pertaining to such transactions as may be prescribed in the interest of revenue:
Provided that the provisions of this section shall not apply on or after the 1st day of October, 2004.

Section 206CB of Income Tax Act "Processing of statements of tax collected at source"

Section 206CB. (1) Where a statement of tax collection at source or a correction statement has been made by a person collecting any sum (herein referred to as collector) under section 206C, such statement shall be processed in the following manner, namely:-

(a) the sums collectible under this Chapter shall be computed after making the following adjustments, namely:-

(i) any arithmetical error in the statement;

(ii) an incorrect claim, apparent from any information in the statement;

(b) the interest, if any, shall be computed on the basis of the sums collectible as computed in the statement;

(c) the fee, if any, shall be computed in accordance with the provisions of section 234E;

(d) the sum payable by, or the amount of refund due to, the collector, shall be determined after adjustment of the amount computed under clause (b) and clause (c) against any amount paid under section 206C or section 234E and any amount paid otherwise by way of tax or interest or fee;

(e) an intimation shall be prepared or generated and sent to the collector specifying the sum determined to be payable by, or the amount of refund due to, him under clause (d); and

(f) the amount of refund due to the collector in pursuance of the determination under clause (d) shall be granted to the collector:
Provided that no intimation under this sub-section shall be sent after the expiry of the period of one year from the end of the financial year in which the statement is filed.

Explanation.-For the purposes of this sub-section, "an incorrect claim apparent from any information in the statement" shall mean a claim, on the basis of an entry, in the statement-

(i) of an item, which is inconsistent with another entry of the same or some other item in such statement;

(ii) in respect of rate of collection of tax at source, where such rate is not in accordance with the provisions of this Act.

(2) The Board may make a scheme for centralised processing of statements of tax collected at source to expeditiously determine the tax payable by, or the refund due to, the collector, as required under sub-section (1).

Income Tax Act 1961

What are the Consequences of failure to deduct or pay? What is the meaning of Deduction only one mode of recovery? Section 201 and 202 of Income Tax Act 1961

What is Certificate for tax deducted? How to apply for Tax deduction and collection account number? Section 203 and 203A of Income Tax Act 1961

What is Furnishing of statement of tax deducted? What is the Meaning of person responsible for paying? Section 203AA and 204 of Income Tax Act 1961

What is Bar against direct demand on assessee? What is the meaning Persons deducting tax to furnish prescribed returns? Section 205 and 206 of Income Tax Act 1961

What is Furnishing of quarterly return in respect of payment of interest to residents without deduction of tax? What is the Requirement to furnish Permanent Account Number? Section 206A and 206AA of Income Tax Act 1961

What is Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc? Section 206C of Income Tax Act 1961

What is Tax collection account number? What is Processing of statements of tax collected at source? Section 206CA and 206CB of Income Tax Act 1961

What is Liability for payment of advance tax? What are Conditions of liability to pay advance tax? Section 207 and 208 of Income Tax Act 1961

What is Computation of advance tax? What is Payment of advance tax by the assessee of his own accord or in pursuance of order of Assessing Officer? Section 209 and 210 of Income Tax Act 1961

What is Installments of advance tax and due dates? Section 211 of Income Tax Act 1961

What is Interest payable by Government? What is Interest payable by assessee? Section 214 and 215 of Income Tax Act 1961

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