Get the free Certificate under section 206C of the Income-tax Act, 1961 for tax collected at source

FORM NO. 27D [See rule 37D] Certificate under section 206C of the Income tax Act, 1961 for tax collected at source Certificate No. JPGUPCOLast updated name and Address of the Collector18Apr2017Name

How to fill out certificate under section 206c

How to fill out certificate under section 206c:

1. Gather the necessary information: Before filling out the certificate, make sure you have all the required information handy. This includes the name and address of the seller, the buyer, and the nature of the transaction.
2. Fill out the seller's details: Start by entering the seller's name and address in the designated fields of the certificate. This information should be accurate and match the seller's records.
3. Provide transaction details: In this section, you need to provide details about the transaction that took place. Include the date of the transaction, invoice or agreement number, and the total value of the transaction.
4. Specify the applicable rate: Depending on the type of transaction, certain rates may be applicable under section 206c. Clearly mention the appropriate rate and its details in the certificate.
5. Sign and date the certificate: Once all the necessary information is filled out, sign and date the certificate to validate it. The signature should be of the authorized person representing the seller.

Who needs certificate under section 206c:

1. Sellers engaging in specific transactions: The certificate under section 206c is required for sellers who are engaged in certain transactions outlined by the tax authorities. These transactions may involve the sale of specific goods or services.
2. Businesses falling under the purview of section 206c: If your business falls under the purview of section 206c, which includes various sectors such as real estate, motor vehicle sales, bullion, etc., you would need to obtain and fill out the certificate.
3. Compliance with tax regulations: The certificate is necessary to ensure compliance with tax regulations and meet the reporting requirements of the tax authorities. It helps in documenting the transaction and collecting the appropriate taxes.

Note: It is advisable to consult with a tax professional or refer to the specific guidelines provided by the tax authorities to ensure accurate and complete filling out of the certificate under section 206c.

People Also Ask about

What is collection code for TCS return?

Online classes for CA CS CMA. Professional courses for GST, Tally, Others & Books CodeSectionDescriptttionC206CCollection at source from Timber obtained by any Mode other than a Forest LeaseD206CCollection at source from any other Forest Produce (not being Tendu Leaves)E206CCollection at source from Scrap1 more row

How do I claim my TCS refund online?

How to get TCS refund? Navigate to 'Services'> 'Returns' > 'Returns Dashboard''File Returns' dashboard appears. Choose the return period of GSTR-3B being filed and go to the 'TDS/TCS credit received' tile. Choose 'TDS and TCS credit received' by hitting the 'Prepare online' button.

What is tax deducted at source and TCS?

TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers. TDS deduction is applicable on payments such as salaries, rent, professional fee, brokerage, commission, etc.

What is tax collected at source in SAP?

This is a form of tax in India, which is collected at source from the buyer by the seller of prescribed items. It is commonly referred to as TCS. The system automatically calculates the tax collected at source and makes the relevant postings in Financial Accounting (FI) and Sales and Distribution (SD).

What is meant by deduction of tax at source?

Tax Deducted at Source (TDS) is a procedure implemented by the Indian government to collect taxes at the source of income. A certain percentage of tax is deducted by the payer at the time of making payments to the receiver, and this amount is then remitted to the government.

What is Tax Deducted at Source examples?

Example of Tax Deducted at Source Thus, if you are living in a rented house and paying Rs 70,000 per month as rent, you should deduct Rs 3500 per month as TDS before paying the rent. You will need to pay Rs 66,500 to the property owner and will deposit Rs. 10,500 every quarter to the CBDT as the collected TDS amount.

What is the meaning of tax deduction at source?

Introduction​ The concept of TDS was introduced with an aim to collect tax from the very source of income. As per this concept, a person (deductor) who is liable to make payment of specified nature to any other person (deductee) shall deduct tax at source and remit the same into the account of the Central Government.

What does deducted at source mean in Canada?

A payroll source deduction is the amount of money you have to withhold from your employees and remit to the Canada Revenue Agency. As an employer, you need to know exactly how much money to send to the CRA on your employees' behalf so that you do not get into trouble.

How do I claim my TCS refund?

To claim the TCS refund, you must fill out the ITR form's relevant sections and provide supporting documentation. If you are subject to TDS or have already paid advance tax, the excess TCS will have to be claimed as a refund while filing tax returns but your money will be blocked till you get the refund.

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What is certificate under section 206c?

A certificate under section 206C is a document issued by the seller of certain specified goods or services that provides details about the collection of tax at source on those goods or services.

Who is required to file certificate under section 206c?

The seller of goods or services specified under section 206C is required to file the certificate.

How to fill out certificate under section 206c?

The certificate should be filled out with the seller's details, buyer's details, specifics of the goods or services sold, amount of tax collected, and any other required information as per the guidelines set by the tax authorities.

What is the purpose of certificate under section 206c?

The purpose of the certificate is to provide proof of tax collected at source by the seller, to ensure compliance with tax regulations and facilitate tracking of tax obligations.

What information must be reported on certificate under section 206c?

The certificate must include the seller's and buyer's details, the description of goods or services, the amount involved in the transaction, the rate of tax collected, and the total tax collected.