Insertion of new section 206CB- Processing of statements of tax collected at source.

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..... e. 206CB. (1) Where a statement of tax collection at source or a correction statement has been made by a person collecting any sum (herein referred to as collector) under section 206C (Processing of statements of tax collected at source.), such statement shall be processed in the following manner, namely:- (a) the sums collectible under this Chapter shall be computed after making the follo .....

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..... to, him under clause (d); and (f) the amount of refund due to the collector in pursuance of the determination under clause (d) shall be granted to the collector: Provided that no intimation under this sub-section shall be sent after the expiry of the period of one year from the end of the financial year in which the statement is filed. Explanation.-For the purposes of this sub-section, .....

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..... e method of processing of statements of tax deducted at source. Since there is no procedure specified with respect to the processing of tax collected at source, it is proposed to insert a new section 206CB relating to processing of statements of tax collected at source and the said section provide that statement of tax collection at source or a correction statement made under section 206C shall be .....

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