Section 393(6); Table [Declaration For No Deduction at Source]

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.... Eligible Person Eligible Income/Sum 1 An individual being a resident (a) Payment of accumulated balance due to an employee referred to in Section 392(7);(b) Insurance commission referred to in Section 393(1), Table: Sl. No. 1(i);(c) Rent referred to in Section 393(1), Table: Sl. No. 2(ii);(d) Income in respect of units referred to in Section 393(1), Table: Sl. No. 4(i);....

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....e deducted at source on specified categories of income. The declaration mechanism is available only for the income or sums specifically listed in the Table. Effect of the provision Where a valid declaration is furnished in accordance with the Act and the prescribed rules, the payer is not required to deduct tax at source on the specified payment. Restriction under the Note The Note ....

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....come does not exceed the maximum amount not chargeable to tax. Practical distinction • Enables specified recipients to obtain payment without deduction of tax at source by furnishing the prescribed declaration. • Available only for the categories of income specifically listed in the Table. • Covers resident individuals as well as certain other eligib....

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....gible payments Specified payments listed in the Table Specified payments notified under Section 197A Condition Valid declaration in the prescribed form Valid declaration in the prescribed form Restriction Aggregate specified income should not exceed the maximum amount not chargeable to tax, except for resident senior citizens Similar restriction, wit....