Section 206CA of ITA, 1961 : Section 206Ca: Tax Collection Account Number
ITA, 1961
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Explanation using Example
Imagine a scenario where a car dealership, "Speedy Wheels," sells a luxury car to a customer. As per Section 206C of the Income-tax Act, Speedy Wheels is required to collect tax at source (TCS) on the sale of the car. To comply with the law, the dealership must first apply for a tax collection account number (TAN).
Once Speedy Wheels has been allotted a TAN, it must:
- Quote this TAN on all p...
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