Widening ambit of section 200A of the Act for processing of statements other than those filed by deductor (TAX ADMINISTRATION)

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

Section 200A of the Act provides for the manner in which statement of tax deduction at source or a correction statement made by a person deducting any sum under section 200 shall be processed.

2. There are statements, such as Form No. 26QF which is filed by an Exchange wherein the deductee is filing details of the tax. It is proposed to widen the ambit of section 200A of the Act to state that in respect of statements which have been made by any other person, not being a deductor, the Board may make a scheme for processing of such statements

3. The amendment will take effect from the 1st day of April, 2025.

[Clause 68]

Full Text:

Union Budget 2024-25 (Full) + FINANCE (No.2) Bill, 2024

Dated: 24-7-2024