Certificate for lower TDS rate extended to purchase-of-goods TDS, enabling lower or no deduction under the new provision.

Clause 65 inserts the provision relating to deduction of tax at source on payment for purchase of goods into subsection (1) of section 197 so that the Assessing Officer may, on application by the recipient, grant a certificate for deduction of income-tax at lower rates or no deduction in respect of payments chargeable to tax under the expanded list; this amendment takes effect from 1st October, 2024.

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