Credit for tax deducted: deductions paid to government treated as tax paid on behalf of the income recipient with rulemaking authority. Section 199 is replaced to treat deductions paid to the Central Government as payments of tax on behalf of the person whose income was subject to ... Summary
Credit for tax deducted: deductions paid to government treated as tax paid on behalf of the income recipient with rulemaking authority.
Section 199 is replaced to treat deductions paid to the Central Government as payments of tax on behalf of the person whose income was subject to deduction (or the owner, depositor, unit-holder or shareholder as applicable), and to treat specified sums under section 192 similarly; the Board is authorised to make rules for granting credit, including to persons beyond those expressly listed and to determine the assessment year for credit.
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