{"act":{"id":"finance-act-2015","short_title":"The Finance Act, 2015","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2015-2016.","act_number":"20","act_year":2015,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":165,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2015/"},"unit":"section","section":{"number":"55","heading":"Insertion of new section 206CB","text":"Insertion of new section 206CB. 55. After section 206CA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:— '206CB. Processing of statements of tax collected at source.—(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, such statement shall be processed in the following manner, namely:— (a) | the sums collectible under this Chapter shall be computed after making the following adjustments, namely:— (i) | any arithmetical error in the statement; (ii) | an incorrect claim, apparent from any information in the statement; (b) | the interest, if any, shall be computed on the basis of the sums collectible as computed in the statement; (c) | the fee, if any, shall be computed in accordance with the provisions of section 234E; (d) | the sum payable by, or the amount of refund due to, the collector, shall be determined after adjustment of the amount computed under clause (b)and clause (c) against any amount paid under section 206C or section 234E and any amount paid otherwise by way of tax or interest or fee; (e) | an intimation shall be prepared or generated and sent to the collector specifying the sum determined to be payable by, or the amount of refund due 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, \"an incorrect claim apparent from any information in the statement\" shall mean a claim, on the basis of an entry, in the statement— (i) | of an item, which is inconsistent with another entry of the same or some other item in such statement; (ii) | in respect of rate of collection of tax at source, where such rate is not in accordance with the provisions of this Act. (2) The Board may make a scheme for centralised processing of statements of tax collected at source to expeditiously determine the tax payable by, or the refund due to, the collector, as required under sub-section (1).'.","html":"

Insertion of new section 206CB.

55. After section 206CA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of June, 2015, namely:—

'206CB. Processing of statements of tax collected at source.—(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, such statement shall be processed in the following manner, namely:—

(a)the sums collectible under this Chapter shall be computed after making the following adjustments, namely:—
(i)any arithmetical error in the statement;
(ii)an incorrect claim, apparent from any information in the statement;
(b)the interest, if any, shall be computed on the basis of the sums collectible as computed in the statement;
(c)the fee, if any, shall be computed in accordance with the provisions of section 234E;
(d)the sum payable by, or the amount of refund due to, the collector, shall be determined after adjustment of the amount computed under clause (b)and clause (c) against any amount paid under section 206C or section 234E and any amount paid otherwise by way of tax or interest or fee;
(e)an intimation shall be prepared or generated and sent to the collector specifying the sum determined to be payable by, or the amount of refund due 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, \"an incorrect claim apparent from any information in the statement\" shall mean a claim, on the basis of an entry, in the statement—

(i)of an item, which is inconsistent with another entry of the same or some other item in such statement;
(ii)in respect of rate of collection of tax at source, where such rate is not in accordance with the provisions of this Act.

(2) The Board may make a scheme for centralised processing of statements of tax collected at source to expeditiously determine the tax payable by, or the refund due to, the collector, as required under sub-section (1).'.

","words":405,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2015/section/55/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}