Tax collection reporting: prescribed periodic statements replace fixed quarterly reporting and alter submission requirements after tax payment. The amendment replaces fixed quarterly deadlines with prescribed reporting periods, requiring any person collecting tax under the provision, after paying the tax to the Central Government within the prescribed time, to prepare and deliver statements for such prescribed periods to the prescribed income-tax authority or its authorised person in the prescribed form, verified in the prescribed manner, setting forth prescribed particulars within prescribed timeframes.
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Tax collection reporting: prescribed periodic statements replace fixed quarterly reporting and alter submission requirements after tax payment.
The amendment replaces fixed quarterly deadlines with prescribed reporting periods, requiring any person collecting tax under the provision, after paying the tax to the Central Government within the prescribed time, to prepare and deliver statements for such prescribed periods to the prescribed income-tax authority or its authorised person in the prescribed form, verified in the prescribed manner, setting forth prescribed particulars within prescribed timeframes.
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