FORM 27BA FOR NON COLLECTION OF TCS

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CA Garima Bhayana (Querist)
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24 October 2019 Is it necessary to file form 27BA in case not collect TCS because of collection of form 27C from the buyer and already disclosed details of non collection in TCS Return. In case it is necessary to file form 27BA then Is certification from Chartered Accountant is necessary or deductor can file this form without certification from Chartered Accountant ?

Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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30 May 2020 In Budget 2012 CBDT has introduced a provision w.e.f. 01.07.2012 by which a person who has defaulted in payment of TDS / TCS will not be deemed to be a person in default if he furnishes a certificate from CA to the effect that the person in respect of whom default is committed

(i) has furnished his return of income under section 139;

(ii) has taken into account such sum for computing income in such return of income; and

(iii) has paid the tax due on the income declared by him in such return of income, and the person furnishes a certificate to this effect from an accountant in such form as may be prescribed:]

The above was done by inserting proviso to sub-section (1) of section 201 & to sub-section (6A) of section 206C. The CBDT has now issued the format of such certificates (Form 26 A for default in Payment of TDS & Form No. 27BA for default in Payment of TCS) and issued a notification related to same which is as follows :-

Income-tax (Eleventh Amendment) Rules, 2012 – Insertion of rules 31ACB, 37J, Form Nos. 26A & 27BA
Notification no. 37/2012 [f.no. 142/18/2012-so(tpl)], dated 12-9-2012
In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:-

1. (1) These rules may be called the Income-tax (11th Amendment) Rules, 2012.

(2) They shall come into force on the date of publication in the Official Gazette.

2. In the Income-tax Rules, 1962, (hereafter referred to as the “said rules”),-

(a) after rule 31ACA, the following rule shall be inserted, namely:-

“Form for furnishing certificate of accountant under the first proviso to sub-section (1) of section 2019 31ACB. The certificate from an accountant under first proviso to sub-section (1) of section 201 shall be furnished in Form No. 26A”;

(b) after rule 37-I, the following rule shall be inserted, namely:-

“Form for furnishing certificate of accountant under first proviso to sub-section (6A) of section 206C 37J. The certificate from an accountant under first proviso to sub-section (6A) of section 206C shall be furnished in Form No. 27BA.”

https://taxguru.in/income-tax/format-ca-certificate-furnish-case-failure-deduct-tds-tcs.html