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of <h1>Section 206CB: Processing TCS Statements, Error Corrections, and Issuance of Intimations on Payable or Refundable Amounts.</h1> Section 206CB outlines the processing of tax collected at source (TCS) statements. It involves computing collectible sums after correcting arithmetical errors and incorrect claims. Interest and fees are calculated based on these sums, and adjustments are made against amounts paid under specific sections. An intimation is sent to the collector detailing the payable or refundable amount, with refunds granted accordingly. No intimation is issued after one year from the financial year-end of the statement filing. An incorrect claim is defined as inconsistent entries or incorrect tax rates. A centralized scheme may be established for efficient processing.
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