Tax deduction at source accounting delegates deposit, reporting and suspense handling to ZAOs and CITs under departmentalised system. ZAOs obtain cheques/drafts and schedules from Accountants General, deposit proceeds with focal banks and inform the relevant CIT on receipt of bank scrolls; the CIT initially books amounts under the major head for income taxes and reports them in the Monthly Telegraphic Net Collection Report. ZAOs must provide detailed major/minor/sub-head break-ups for the Additional Information Statement; delayed break-ups are shown against a designated suspense head and cleared when particulars arrive. In multi-CIT States ZAOs supply treasury-wise figures to enable charge-wise allocation and ensure transmission of TDS figures for annual salary returns, while the CIT receiving intimation adjusts budget targets accordingly.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Tax deduction at source accounting delegates deposit, reporting and suspense handling to ZAOs and CITs under departmentalised system.
ZAOs obtain cheques/drafts and schedules from Accountants General, deposit proceeds with focal banks and inform the relevant CIT on receipt of bank scrolls; the CIT initially books amounts under the major head for income taxes and reports them in the Monthly Telegraphic Net Collection Report. ZAOs must provide detailed major/minor/sub-head break-ups for the Additional Information Statement; delayed break-ups are shown against a designated suspense head and cleared when particulars arrive. In multi-CIT States ZAOs supply treasury-wise figures to enable charge-wise allocation and ensure transmission of TDS figures for annual salary returns, while the CIT receiving intimation adjusts budget targets accordingly.
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