TMI BlogProcedure for the purposes of furnishing and verification of Form 27BA for removing of default of Short Collection and/or Non Collection of Tax at Source - Reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 206C of Income-tax Act, 1961 , any person, other than a person referred to in sub-section (1D), responsible for collecting tax in accordance with the provisions of this section, who fails to collect the whole or any part of the tax on the amount received from a buyer or licensee or lessee or on the amount debited to the account of the buyer or licensee or lessee shall not be deemed to be an assessee in default in respect of such tax if such buyer or licensee or lessee- (i) has furnished his return of income under section 139 ; (ii) has taken into account such amount for computing income in such return of income; and (iii) has paid the tax due on the income declared by him in such return of income, and the person f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Up to including 2016-17 206(6A) CPC-TDS 27BA Electronic [2] Up to including 2016-17 206CB CPC-TDS 27BA Electronic [2] Including from 2017-18 206CB and/or 206(6A) [1] The AO should ensure that interest on non-collection of the whole or any part of the tax or failure in payment after collection as required by or under this Act shall be paid before furnishing the statement in accordance with the provisions of the Act. [2] Furnishing of Form 27BA in electronic shall be enabled with effect from 15.01.2017. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Collector will communicate the DINs and/or Alpha-Numeric Strings generated in step no. 3 for each of the Short- Collection and/or Non- Collection transactions to the accountant identified for certifying Annexure A and obtain the membership no. of such accountant to be used in step no. 5. 5. E-Filing Portal (Login as Collector) Locate DIN on which Form 27BA effect is to be given : Locate and select relevant DIN in menu driven option for which request for Form 27BA is to be submitted. Locate No Deduction Transactions on which Form 27BA effect is to be given : Locate and select No- Collection transaction for which request for Form 27BA is to be submitted. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9. TRACES Portal View Modified Status of default : Once request has been processed, short Collection will be re-calculated and Late Collection Interest will be generated accordingly, which can be viewed by Collector. 10. NSDL\TRACES Portal Make payment for Modified Late Collection Interest : Collector needs to pay Late Collection Interest amount, according to the modified computation. [3] DIN is unique identification number of single buyer row. [4] Accountant shall have meaning assigned to it in the Explanation to sub-section (2) of section 288 of the I.T. Act, 1961 . 4.2 Role of Accountant at E-Filing: 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A to Form 27BA so submitted by authorized Accountant(s) and submit this Form 27BA by digitally signing it. Check mandatory Compliance: ITR of buyer (PAN) should have been filed u/s 139 and no demand should be payable at the time of assessment. Share digitally signed Form 27BA with CPC-TDS. 4.4 Role of TRACES: For Collector Backend Processing 1. Display identified Short- Collection transactions for viewing of Collector. 2. Provide option of adding Non-Collection transactions to Collector. 3. Provide DIN and/or Alpha-Numeric String for each transaction after submission by Collector as per Step 3 of Para 4.1. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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