Application for certificate authorising receipt of interest and other sums without deduction of tax

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....educted under sub-section (1) of section 195 may, if he fulfils the conditions specified in sub-rule (2), make an application for the grant of a certificate under sub-section (3) of section 195 authorising him to receive without deduction of tax under sub-section (1) of that section any such income as is specified hereinbelow, namely :- (i) where the person concerned is a ^3[banking compa....

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.... in sub-rule (1) are the following, namely : - (i) the person concerned has been regularly assessed to income-tax in India and has furnished the returns of income for all assessment years for which such returns became due on or before the date on which the application under sub-rule (1) is made;  (ii) he is not in default or deemed to be in default in respect of any tax....

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....r, exceeds fifty lakhs of rupees. (3) The application under sub-rule (1) by a ^3[banking company or an insurer] shall be in Form No. 15C and by any other person referred to in clause (ii) of sub-rule (1) shall be in Form No. 15D. (4) The Assessing Officer may give a certificate authorising the person concerned to receive the income specified in clause (i) or clause (ii) of sub-rule (1), with....