INCOME TAX MATTERS ( A monthly journal on - Income tax and wealth tax- since 1999) - ( subscription for the year 2009 (TWO VOLUMES) is only Rs. 1300/-) - For subcription and to Know more click here
YOUR OBLIGATIONS
(By P. C. Garg Advocate and CA. Ritesh Garg)
TCS - DEPOSIT UNDER
INCOME TAX LAW
Deposit T.C.S. under Income Tax Act if you have collected any amount on which T.C.S. is applicable during the month of FEBRUARY, 2009.
- rule 37CA of the Income Tax Rules, 1962 relevant portion of which is as under:-
Time and mode of payment to Government account of tax collected at source under section 206C.
37CA. (1) All sums collected in accordance with the provisions of sub-section (1) or sub-section (1C) of section 206C shall be paid to the credit of the Central Government within one week from the last day of the month in which the collection is made.
Provided that where the collection is made by or on behalf of the Government, the amount shall be credited within the time and in the manner aforesaid without the production of a challan.
Important information - If there is holiday on the last day of the obligation, then the next working day shall be considered as the last day for fulfilling that obligation.