Tax collection at source: declaration, remittance timing and certificate procedures clarified under amended rules. Buyers may submit a prescribed, verified duplicate declaration that specified goods are for manufacturing/processing/production and not trading, one copy of which the seller must forward to the Chief Commissioner/Commissioner by the seventh day of the month following receipt. Collectors must remit sums collected to the Central Government within one week from the last day of the month via authorised banks with an income-tax challan (except Government collections). Collectors must issue prescribed certificates to buyers within one month of debit/receipt, may issue consolidated certificates for half-year periods on request, and may furnish duplicate certificates subject to payment certification and an indemnity bond before credit is allowed.
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Tax collection at source: declaration, remittance timing and certificate procedures clarified under amended rules.
Buyers may submit a prescribed, verified duplicate declaration that specified goods are for manufacturing/processing/production and not trading, one copy of which the seller must forward to the Chief Commissioner/Commissioner by the seventh day of the month following receipt. Collectors must remit sums collected to the Central Government within one week from the last day of the month via authorised banks with an income-tax challan (except Government collections). Collectors must issue prescribed certificates to buyers within one month of debit/receipt, may issue consolidated certificates for half-year periods on request, and may furnish duplicate certificates subject to payment certification and an indemnity bond before credit is allowed.
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