Amendment of section 203A.
66. In section 203A of the Income-tax Act, in sub-section (2), in clause (ba), the word "quarterly'' shall be omitted with effect from the 1st day of October, 2009.
Notes on Clauses:
Clause 66 of the Bill seeks to amend section 203A of the Income tax Act which relates to tax deduction and collection account number.
Vide clause 63 of the Bill proposes to amend section 200, specifying that any person deducting any sum on or after the 1st day of April, 2005 in accordance with the provisions of Chapter XVII-B, as the case may be, any person being an employer referred to in sub-section (1A) of section 192 shall, after paying the tax deducted to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed in each financial year and deliver or cause to be delivered to the prescribed income-tax authority or the person authorised by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed.
Vide clause 70 of the Bill proposes to amend section 206C specifying that any person collecting tax on or after the 1st day of April, 2005 shall, after paying the tax collected to the credit of the Central Government within the prescribed time, prepare such statements for such period as may be prescribed in each financial year and deliver or cause to be delivered to the prescribed incometax authority or the person authorised by such authority such statement in such form and verified in such manner and setting forth such particulars and within such time as may be prescribed. It is, therefore, proposed to make consequential amendment to section 203A of the Income-tax Act.
This amendment will take effect from 1st October, 2009.
