Form 150: Accountant certificate under section 398(2) for a collector not to be treated as an assessee in default
Source checked 21 October 2026 · Original author: Finin2min Editorial Desk
Purpose, person and period
Accountant certificate under section 398(2) for a collector not to be treated as an assessee in default.
The collector furnishes Form 150 for an eligible section 394 category with the accountant’s buyer/licensee/lessee return-and-tax evidence; it is the collection counterpart of deduction Form 149.
Period gate: This numbered form belongs to the Income-tax Rules, 2026, effective 1 April 2026. The predecessor 27BA is a concordance, not permission to change an earlier-year filing into a new-law form. For earlier periods, use the applicable 1961 Act form and saved procedure.
Controlling rule and source pages
Rule 221; Section 398(2). Physical PDF pp 837-840; printed Gazette pp 2369-2372.
Rule 221 — connected rule text
221. Form for furnishing certificate of accountant under Section 398(2) for person responsible for deduction or collection of tax as per section 394(1)[Table: Sl. No. 1 to 5 and 9] not to be deemed to be an assessee in default:— (1) The certificate from an accountant, as defined in section 515(3)(b), under section 398(2) shall be furnished,— (a) in Form No. 149, for non-deduction or short deduction of tax; and (b) in Form no. 150, for non-collection or short collection of tax. (2) Form No. 149 or Form No. 150 referred to in sub -rule (1) shall be furnished to the Director General of Income -tax (Systems) or the person authorised by him.
Completed field illustration
Fictional data, not for filing. A fictional scrap seller seeks the covered collector-default relief after an eligible buyer reports the purchase in its business accounts and pays tax.
| Form field / block | Completed fictional entry |
|---|---|
| Part A: seller / TAN / responsible person | Example Scrap Seller Ltd, synthetic ZZZCE0000Z, MODEL-TAN-150, 10 Model Road Pune / Priya Arun Sharma |
| Buyer / PAN / transaction | Example Metal Trader Ltd, synthetic ZZZCE0001Z / scrap Rs 10,00,000 debited 15 September 2026; current TCS 2%, Rs 20,000; nil collected |
| Rows 11-14: omission / interest / payment | Non-collection Rs 10,00,000, short-collection nil / Rs 2,200 / assumed paid 1 August 2027 through MODEL-CIN-150 |
| Annexure A(i): section / receipt / collectible / collected | Section 394(1), Table Sl. No. 4 / Rs 10,00,000 / Rs 20,000 / nil |
| Annexure A(ii): buyer return / income / tax / paid | TY 2026-27 filed 31 July 2027, MODEL-ITR-150 / taxable profit Rs 5,00,000 / Rs 1,30,000 at assumed 25% company rate plus cess / paid Rs 1,30,000 |
| Annexure A(iii): purchase accounted / business reconciliation | Rs 10,00,000 scrap purchase included in Rs 15,00,000 total allowable costs against Rs 20,00,000 gross sales; taxable business profit Rs 5,00,000 |
| Professional verification | Independent accountant role only / NOT CERTIFIED, NOT SIGNED; no UDIN |
This illustrates the named fields, not every possible schedule. Use the complete official extract for additional applicable fields, annexures and verification. “Not signed” means no professional certification or authority action has occurred.
Reconcile the example
- 2% × 10,00,000 = 20,000 omitted TCS; 1% × 20,000 × 11 months/parts = 2,200 model interest.
- 20,00,000 sales - 15,00,000 costs = 5,00,000 taxable profit; the purchase is not incorrectly called the buyer’s income.
Form 150 applies only to the collection categories specified in its heading and all section 398(2) conditions. A buyer’s later return does not automatically extinguish collector interest or replace the professional certificate. The rate is the current 2% scrap rate, not the earlier 1%.
Prepare, furnish and retain
- Use the form identity and period above, then determine the person who prepares, issues or verifies it from Rule 221. An authority-issued order is not an applicant filing.
- Collect the records that support the actual fields in the example; keep any mandatory schedules and annexures specified in the complete source form.
- Reconcile dates, amounts, units and identifiers to the underlying records. Preserve the applicable rule version and any later correcting notification.
- Where the rule prescribes electronic furnishing, use the current official utility/schema and authorised verification. A local PDF does not produce a portal acknowledgement.
- Retain the submitted version, supporting schedules and actual acknowledgement or issued certificate/order, as applicable. This fictional model supplies none of those evidential outcomes.
Download the correct documents
Official Form 150 source extract Filled sample — fictional field illustration
The official extract preserves source pages; later amendments are supplied with affected forms. Read the April corrigendum where its printed-page corrections apply. The filled field illustration is an educational model and cannot be filed.
Primary sources
- Physical PDF pp 837-840; printed Gazette pp 2369-2372; Appendix III, Form 150
- Finance Act 2026, current-rate Schedule and relevant amendments: section 84 (393), section 85 (394), section 59 (206); read exact payment and tax-year branch
- Corrigendum to G.S.R.198(E), 16 April 2026; read affected printed page references
- Section 398(2)-(3), physical PDF p499: covered collector categories and interest
Questions readers ask
Does this sample prove approval, filing or a professional conclusion?
No. It completes the named fields using synthetic facts. It has no real signature, DSC, approval or acknowledgement.
Can I use the legacy form number for a current tax-year obligation?
Establish the governing period first. A predecessor number is a cross-reference; earlier-year procedures and current-year forms must be kept distinct.