April 16, 2026

Submitted By: Shweta Verma

Form No. 150 - Frequently Asked Questions Form for furnishing Accountant Certificate under section 398(2) of the Income-tax Act, 2025

Form No. 150 offers an option to a seller, authorized dealer, licensor or lessor (commonly called as a ‘collector’) to remove or rectify defaults for failure to collect tax at source, thus granting relief from being deemed to be an ‘Assessee in Default’. If for some reason, a collector fails to collect tax at source on certain transaction but the respective buyer, licensee or lessee (commonly called as a ‘collectee’) discharges the tax liability on such amount by filing a return of income and paying the due taxes, then the collector can e-file Form No. 150. It includes a certificate in Annexure A, from an Accountant confirming the fact that the collectee has (a) (b) (c) 2. filed an ITR u/s 263 taken into account the amount for computing income in that ITR which was not subjected to TCS, and paid tax on such income.