A quarterly statement of tax deduction/collection under income tax, also known as TDS/TCS statement, is a document submitted by a deductor or collector to the Income Tax Department. It details the taxes deducted or collected at source (TDS/TCS) during a specific quarter (usually June, September, December, and March).

Here’s a breakdown of its key points:

Who files it:

• Any person or entity responsible for deducting or collecting tax at source (TDS/TCS) needs to file this statement. This includes employers, banks, companies making payments to contractors, sellers of immovable property, etc.

What it contains:

• The statement provides details of all the transactions where TDS/TCS was deducted or collected during the quarter. This includes:
  • PAN/TAN of the deductee/collectee (the person from whose income the tax was deducted/collected)
  • Nature of payment (salary, interest, rent, purchase of property, etc.)
  • Amount of payment made
  • Applicable section of the Income Tax Act under which TDS/TCS was deducted/collected
  • Rate of TDS/TCS applied
  • Amount of TDS/TCS deducted/collected

Purpose:

• The primary purpose of the TDS/TCS statement is to ensure transparency and accountability in the collection of income tax. It helps the Income Tax Department track the tax deducted or collected at source and reconcile it with the income reported by the taxpayers.

How it’s filed:

• The statement can be filed electronically through the online portal of the Income Tax Department or in physical form (for cases with less than 20 deductees).

Important points to remember:

• It’s mandatory to file the TDS/TCS statement within the prescribed due date, usually by the 30th of the following month after the quarter ends.
• Late filing attracts penalties.
• Accuracy of the information in the statement is crucial. Any discrepancies can lead to scrutiny by the Income Tax Department.

EXAMPLE

1. State: Which state in India are you interested in? Different states have varying tax structures and formats for their quarterly statements.
2. Type of Tax: Are you looking for an example statement for Income Tax, Sales Tax (VAT), or any other specific tax applicable in that state?
3. Deductor/Collector: Are you the deductor (responsible for deducting tax at source) or the collector (responsible for collecting tax directly)? Knowing your role will help tailor the example statement accordingly.
4. Period: Which quarter’s statement are you interested in? Knowing the specific quarter (Q1, Q2, Q3, or Q4) will be helpful in providing the correct format and data.

Once you provide me with this information, I can offer you a more relevant and accurate example of a Quarterly Statement of Tax Deduction/Collection for the state you’re interested in.

FAQ QUESTIONS

General:

• What is a Quarterly Statement of Tax Deduction/Collection (TDS/TCS)?
  • It is a document issued by the deductor (payer) to the assessee (payee) every quarter, summarizing the taxes deducted or collected at source (TDS/TCS) from any income payments made to the assessee during that quarter.
• Who issues the TDS/TCS statement?
  • Any entity responsible for deducting or collecting taxes at source, such as employers, banks, investment houses, etc., must issue the statement.
• What information does the statement contain?
  • The statement typically includes details like:
    • Name and PAN of the deduct or and assesses
    • Quarter and financial year for which the statement applies
    • Type of income (salary, interest, rental income, etc.)
    • Amount of income paid
    • Deduction/collection rate applied
    • Amount of tax deducted/collected
    • TAN (Tax Deduction and Collection Account Number) of the deducted

CASE LAWS

The concept of “Case Laws” doesn’t directly apply to the context of Quarterly Statements of Tax Deduction/Collection (TDS/TCS) under the Income Tax Act in India. However, there are relevant legal aspects and judicial pronouncements you might be interested in. To give you a more specific response, I need to understand what kind of information you’re looking for. Here are some possibilities:

1. Legal Provisions:

• You might be interested in the specific rules and provisions governing the filing of TDS/TCS statements under the Income Tax Act and Rules. These are primarily covered in Rule 31A of the Income-tax Rules, 1962 and relevant sections like Sections 192, 193, 194, 206, 272A, and 272B.

2. Judicial Precedents:

• If you’re interested in past court rulings related to TDS/TCS statements, you could be looking for judicial precedents where issues related to filing, discrepancies, penalties, or other aspects of TDS/TCS statements have been decided by courts. Examples might include cases like CIT vs. Hindustan Lever Ltd. (1997) or M/s. P.K. Builders Pvt. Ltd. vs. Income Tax Officer (2012).

3. Specific Issues or Disputes:

• If you have a specific issue or dispute related to your TDS/TCS statements, you might be looking for legal guidance or precedents related to similar situations. For example, you could be looking for cases related to late filing penalties, rectification of errors, or disputes regarding the amount of tax deducted.