Amended and updated notes on section 206CA of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Tax collection account number.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 206CA of IT Act 1961 provides for Tax collection account number.
Recently, we have discussed in detail section 206C (Profits and gains from the business of trading in alcoholic liquor, forest produce, scrap, etc.) of IT Act 1961. Today, we learn the provisions of section 206CA of Income-tax Act 1961. The amended provision of section 206CA is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 206CA of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-206CA: Tax collection account number
Section 206CA(1) of Income Tax Act
Every person collecting tax in accordance with the provisions of section 206C, shall, within such time as may be prescribed, apply to the Assessing Officer for the allotment of a tax collection account number.
Section 206CA(2) of Income Tax Act
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.