India - Income Tax Act 2010 - Saarc

S. 192 I.T. ACT, 1961 1.73850[***] on the amount payable at the average rate of income-tax 51 [***] computedon the basis of the 52 [rates in force] for the financial year in which the paymentis made, on the estimated income of the assessee under this head for thatfinancial year.53[(1A) Without prejudice to the provisions contained in sub-section (1), theperson responsible for paying any income in the nature of a perquisite which isnot provided for by way of monetary payment, referred to in clause (2) of section17, may pay, at his option, tax on the whole or part of such income without makingany deduction therefrom at the time when such tax was otherwise deductibleunder the provisions of sub-section (1).(1B) For the purpose of paying tax under sub-section (1A), tax shall be determinedat the average of income-tax computed on the basis of the rates in forcefor the financial year, on the income chargeable under the head “Salaries”including the income referred to in sub-section (1A), and the tax so payable shallbe construed as if it were, a tax deductible at source, from the income under thehead “Salaries” as per the provisions of sub-section (1), and shall be subject to theprovisions of this Chapter.]54[(2) Where, during the financial year, an assessee is employed simultaneouslyunder more than one employer, or where he has held successively employmentunder more than one employer, he may furnish to the person responsible formaking the payment referred to in sub-section (1) (being one of the saidemployers as the assessee may, having regard to the circumstances of his case,choose), such details of the income under the head “Salaries” due or received byhim from the other employer or employers, the tax deducted at source therefromand such other particulars, in such form and verified in such manner as may beprescribed 55 , and thereupon the person responsible for making the paymentreferred to above shall take into account the details so furnished for the purposesof making the deduction under sub-section (1).]56[(2A) Where the assessee, being a Government servant or an employee in a57[company, co-operative society, local authority, university, institution, associationor body] is entitled to the relief under sub-section (1) of section 89, he mayfurnish to the person responsible for making the payment referred to in subsection(1), such particulars, in such form and verified in such manner as may beprescribed, and thereupon the person responsible as aforesaid shall compute therelief on the basis of such particulars and take it into account in making thededuction under sub-section (1).]50. “and super-tax” omitted by the Finance Act, 1965, w.e.f. 1-4-1965.51. “and average rate of super-tax respectively” omitted, ibid.52. Substituted for “rates of tax in force” by the Finance Act, 1968, w.e.f. 1-4-1968.53. Sub-sections (1A) and (1B) inserted by the Finance Act, 2002, w.e.f. 1-6-2002.54. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987. Original sub-section was omitted by theFinance Act, 1965, w.e.f. 1-4-1965.55. See rule 26A and Form No. 12B.56. Inserted by the Finance Act, 1987, w.e.f. 1-6-1987. See rule 21AA and Form No. 10E.57. Substituted for “public sector undertaking” by the Finance Act, 1989, w.e.f. 1-6-1989.