Time and Mode of TCS payment to Government Account U/s 206C [Section 206C(3) and Rule 37CA]

 

Table of Contents

·         (A) Time of Payment of TCS

o    (1)   Where TCS is collected by an office of the Government

o    (2)   Where TCS is collected by in any other cases

·         (B) Mode of Payment of TCS

o    1. Where office of the Government makes the payment without production of challan

§  (1) [Rule 37CA (3)]- In case of an office of the Government where tax has been paid to the credit of the Central Government without the production of a challan i.e., through book entry

§  (2) [Rule 37CA(3A)]- Time limit for furnishing statement in Form No. 24G

§  (3) [Rule 37CA (38)]- Manner of furnishing statement in Form No. 24G

§  (4) [Rule 37CA(4)]- Principal Director General of Income-tax (Systems) to specify the procedures, formats, for the purposes of furnishing and verification of the statements

o    2.     Penalty for failure to deliver or cause to be delivered a statement prescribed under section 206C(3A) [Clause (m) to sub-section (2) of section 272A] :

§  (1) Where the tax is to be deposited accompanied by income tax challan:

§  (2) Where tax is to be deposited electronically by person referred to in Rule 125(1):

 


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