Section 206CB of ITA, 1961 : Section 206Cb: Processing Of Statements Of Tax Collected At Source

Explanation using Example

Imagine a scenario where ABC Ltd. is a car dealership that collects tax at source from car buyers when it sells cars above a certain value, as required under section 206C of the Income-tax Act, 1961. At the end of the quarter, ABC Ltd. prepares a statement of tax collection at source to be submitted to the Income Tax Department.

While processing this statement, the Income Tax Department will:

1. Check for any arithmetical errors or incorrect claims in the statement provided by ABC Ltd.
2. Calculate any int...

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