Processing of tax collected at source mandates adjustments, interest and fee computation, and intimation of payable sums or refunds.

The provision requires processing of TCS statements by correcting arithmetical errors and incorrect claims apparent from the statement, computing interest on the corrected collectible sums and any statutory fee, determining net payable amounts or refunds after adjusting prior payments, and issuing an intimation to the collector specifying the amount payable or refundable. No intimation shall be sent after one year from the end of the financial year in which the statement is filed. The Board may establish a centralised processing scheme to expedite these determinations.

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