Credit for tax deducted treats withheld payments as tax paid on behalf of specified taxpayers and enables rulemaking for crediting.

Credit for tax deducted treats any deduction made under the Chapter and paid to the Central Government as a payment of tax on behalf of the person whose income was deducted or, where applicable, the owner of the security, depositor, owner of property, unit holder, or shareholder; payments under the specified provision of section 192 are likewise treated as tax paid on behalf of the relevant person. The Board may make rules to give credit, including to persons other than those enumerated and to determine the assessment year for credit.

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