one of my client is getting deducted of tcs for purchase of timber i want to know that there is some procedure when he can get deducted for lesser percentage its 2.25% something now .any body please tell me the procedure
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tcs
Replies (2)
Dear Nitin,
Answer to ur query is in Sec 206C(9), read with Rule 37 G & 37 H
In this case Form No. 13 can be filed to AO.as per Rule 37 G
As per Rule 37H. (1) Where the Assessing Officer is satisfied that the total income of the buyer 17[or licensee or lessee] justifies the collection of tax at any lower rate than the relevant rate specified in sub-section (1) 18[or sub-section (1C)] of section 206C, he shall, on an application made by the buyer 17[or licensee or lessee] under rule 37G, give to him a certificate 19[***] for collection of tax at such lower rate than the relevant rate specified in sub-section (1) 18[or sub-section (1C)] of that section.
(2) The certificate given under sub-rule (1) shall be valid for the assessment year specified in that certificate, unless it is cancelled by the Assessing Officer at any time before the expiry of the specified period.
(3) An application for a fresh certificate may be made, if required, after the expiry of the period of validity of the earlier certificate given under sub-rule (1).
(4) The certificate shall be valid only for the person named therein.
(5) The certificate shall be issued direct to the person responsible for collecting the tax under advice to the buyer who made an application for issue of such certificate.]
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