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CA Final · Direct Tax Laws & International Taxation · Basic Concepts

Kaveri Traders, a seller, collected tax at source from a buyer under section 394(1) during the tax year. As per Rule 215 of the Income-tax Rules, 2026, which certificate is to be furnished to the buyer and what is its due date?

Form 133 is to be furnished, within fifteen days from the due date for furnishing the statement of tax collected at source under rule 219. Rule 215(1) assigns Form 133 to collection of tax under section 394(1), unlike the deduction certificates in Forms 130, 131 and 132.

  1. AForm 130, by 15th June of the following financial year
  2. BForm 131, within fifteen days from the due date for furnishing the TDS statement under rule 219
  3. CForm 133, within fifteen days from the due date for furnishing the statement of tax collected at source under rule 219Correct
  4. DForm 132, within fifteen days from the due date for furnishing challan-cum-statement in Form 141

Explanation

Sl. No. 4 of the table in Rule 215(1) covers collection under section 394(1), prescribing Form 133 within fifteen days from the due date for furnishing the statement of tax collected at source under rule 219. Form 131 is for deduction cases, not collection, so it is the wrong choice.

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