- Shweta Verma
March 25, 2026
Form No. 150 - Form for furnishing Accountant Certificate under section 398(2)
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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) filed an ITR u/s 263 (b) taken into account the amount for computing income in that ITR which was not subjected to TCS, and (c) paid tax on such income.
https://www.incometaxindia.gov.in/documents/d/guest/form-150-faqs
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Shweta Verma
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