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of <h1>New Section 239A: Tax Refund Mechanism for Erroneous Deductions under Section 195 Effective April 2022</h1> Clause 66 of the Finance Bill, 2022, introduces section 239A into the Income-tax Act, providing a mechanism for refunding tax erroneously deducted under section 195. If a payer, under a written agreement, bears the tax on non-interest income and later claims no deduction was necessary, they can apply for a refund within 30 days of payment. The Assessing Officer must decide on the application within six months, after necessary inquiries, and cannot reject it without a hearing. This amendment is effective from April 1, 2022.
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