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of <h1>Tax Collected at Source Credit Granted Under Section 206C: Allocation, Declaration, and Verification Guidelines Explained</h1> Credit for tax collected at source under section 206C of the Income Tax Act is granted to the person from whom tax is collected, based on information provided by the collector to the income-tax authority. If the income is assessable in another person's hands, credit is given to that person, provided a declaration is filed. Credit is allocated for the assessment year corresponding to the income's assessable year and proportionally across years for multi-year leases or licenses. Verification is subject to risk management strategies. Credit is based on the collector's information and the income return, ensuring alignment with the Board's strategies.
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