Credit for Tax deducted or collected at source - Rule 203 (New) / Rule 37BA (Old)

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....7I Relevant statutory provision: Section 390(5) and (6) of the Income-tax Act, 2025 Rule 203 prescribes the manner in which credit for tax deducted at source (TDS) or tax collected at source (TCS) is to be granted. It supplements section 390(5), which provides that tax deducted or collected and paid to the Central Government shall be treated as payment of tax on behalf of the concerned perso....

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....son; and • credit of the tax shall be granted to that person instead of the deductee or collectee. Rule 203(3) - Contents of Declaration The declaration shall contain- • name and address of the other person; • Permanent Account Number (PAN); • details of the payment or credit; • reasons for allowing credit to such oth....

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....le over more than one tax year; or • TCS relates to a lease or licence extending over more than one year, the credit shall be allowed proportionately across the relevant tax years in the same ratio in which the income is assessable. Rule 203(7) - Special Rule for Certain Transactions Irrespective of the general provisions of the Rule, credit of tax deducted or collected und....