Assessee entitled to tax credit u/s 199 despite spouse's failure to declare as per Rule 37BA(2) proviso.

Assessee entitled to tax credit u/s 199 despite spouse's failure to declare as per Rule 37BA(2) proviso. https://www.taxtmi.com/highlights?id=67843 Disallowing credit for tax deducted at source - section 199 read with Rule 37BA(2) - Merely because the assessee’s wife did not furnish declaration to the bank in terms of proviso to Rule 37BA(2), the amount of tax deducted at source, which is otherwise with the Department, cannot be allowed to remain with it eternally without allowing any corresponding credit to the person who has been subjected to tax in respect of such income. - AT en-us Sat, 21 Jan 2023 14:53:34 +0530 Sat, 21 Jan 2023 14:53:34 +0530 TaxTMI RSS Generator Assessee entitled to tax credit u/s 199 despite spouse's failure to declare as per Rule 37BA(2) proviso. https://www.taxtmi.com/highlights?id=67843 Disallowing credit for tax deducted at source - section 199 read with Rule 37BA(2) - Merely because the assessee’s wife did not furnish declaration to the bank in terms of proviso to Rule 37BA(2), the amount of tax deducted at source, which is otherwise with the Department, cannot be allowed to remain with it eternally without allowing any corresponding credit to the person who has been subjected to tax in respect of such income. - AT Highlights Income Tax Sat, 21 Jan 2023 14:53:34 +0530 https://www.taxtmi.com/highlights?id=67843