E – Filing of returns of TCS – CBDT notifies scheme for
As per section 206C of the Income Tax Act, for sale of certain goods like alcohol, Tendu leaves, Timber, forest produce and scrap, tax is to be collected at source at rates fixed by the Act. Now the CBDT has notified a scheme for electronic filing of TCS returns - "Electronic Filing of Returns of Tax Collected at Source Scheme, 2005". And consequently the forms 27A and 27B dealing with the information of deduction of tax at source filed on commuter media, are also replaced with new forms.
IT NOTIFICATION. No. 121/2005 and 122/2005, Dated: March 30, 2005