Tax credit for deducted and collected at source is linked to the assessable person, year of income, and verification rules. Credit for tax deducted at source or tax collected at source is to be allowed on the basis of information furnished by the deductor or collector. Credit is generally to be given to the deductee for tax deducted at source and to the collectee for tax collected at source, but where a declaration is made that the income is assessable in another person's hands, the credit is to be given to that other person. The rule also provides for the contents and custody of the declaration, issuance of certificates, apportionment of credit across years where income or a lease or licence spans more than one year, and verification based on the return of income and the Board's risk management strategy.
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Provisions expressly mentioned in the judgment/order text.
Tax credit for deducted and collected at source is linked to the assessable person, year of income, and verification rules.
Credit for tax deducted at source or tax collected at source is to be allowed on the basis of information furnished by the deductor or collector. Credit is generally to be given to the deductee for tax deducted at source and to the collectee for tax collected at source, but where a declaration is made that the income is assessable in another person's hands, the credit is to be given to that other person. The rule also provides for the contents and custody of the declaration, issuance of certificates, apportionment of credit across years where income or a lease or licence spans more than one year, and verification based on the return of income and the Board's risk management strategy.
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