Tax deduction at source expanded to cover fees, contract payments, bank interest and mutual fund income; procedures for non deduction provided. The Finance Act, 1995 expands Tax Deduction at Source to specified payments-including professional and technical fees, certain contract payments, interest on bank time deposits, and mutual fund/UTI income-and amends rules and forms accordingly. Taxpayers may apply to Assessing Officers for certificates of non-deduction or for deduction at a lower rate, or make declarations to payers where permitted. Assessing Officers are instructed to dispose of applications promptly, ensure forms are available at public counters, oversee deductors' payment and return obligations, and provide timely grievance redressal through specified administrative channels.
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Provisions expressly mentioned in the judgment/order text.
Tax deduction at source expanded to cover fees, contract payments, bank interest and mutual fund income; procedures for non deduction provided.
The Finance Act, 1995 expands Tax Deduction at Source to specified payments-including professional and technical fees, certain contract payments, interest on bank time deposits, and mutual fund/UTI income-and amends rules and forms accordingly. Taxpayers may apply to Assessing Officers for certificates of non-deduction or for deduction at a lower rate, or make declarations to payers where permitted. Assessing Officers are instructed to dispose of applications promptly, ensure forms are available at public counters, oversee deductors' payment and return obligations, and provide timely grievance redressal through specified administrative channels.
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