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Section55
The Finance Act, 2015

Insertion of new section 206CB

In force Act 20 of 2015 As on 10 Oct 2026

Act 20 of 2015 Ministry Finance

Section 55 of the Finance Act, 2015 deals with insertion of new section 206CB. 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.

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).'.

Section 55, The Finance Act, 2015 (Act 20 of 2015).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. Income-tax Act s. 206CA Tax collection account number

Questions about Section 55

What does Section 55 of the Finance Act deal with?

Section 55 of the Finance Act is headed "Insertion of new section 206CB". 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.

How do I find court cases under Section 55 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 55, section 55 Finance Act 2015, section 55 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 55 of the Finance Act, and has it changed?

Its own text turns on Income-tax Act 206CA (Tax collection account number), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.