Rule 37H - Certificate for collection of tax at lower rates from buyer under sub-section (9) of section 206C

Certificate for collection at lower tax rate where assessed liability justifies reduced withholding, subject to AO evaluation.

The Assessing Officer may issue a person-specific certificate for collection of tax at a lower rate where existing and estimated tax liability justifies it, after considering tax payable for the relevant year, tax for the last four years, existing income and wealth tax liabilities, and advance or collected tax for the relevant year; the certificate is valid for the specified assessment year unless earlier cancelled and is issued to the collector with advice to the applicant, while the income-tax systems authority shall prescribe formats, procedures, and security and archival policies for issuance.