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of <h1>Income Tax Bill 2025 Clause 390 modernizes tax deduction credit provisions replacing Section 199 preventing double taxation</h1> The Income Tax Bill 2025 introduces Clause 390(5)-(6) to modernize tax deduction and collection at source credit provisions, replacing Section 199 of the Income-tax Act 1961. The clause ensures tax deducted or collected at source is credited to the person whose income suffered deduction, preventing double taxation. It empowers the Central Board of Direct Taxes to make rules for credit allocation, including to persons other than the deductee, and specifying the applicable tax year. The provision adopts principles-based drafting with broader scope, including advance tax payments, while delegating operational details to subordinate rules for administrative flexibility.
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