India - Income Tax Act 2010 - Saarc

S. 195 I.T. ACT, 1961 1.762of payment of such sum in cash or by issue of a cheque or draft or by any othermode, whichever is earlier, deduct an amount equal to ten per cent of such sumas income-tax on income comprised therein :Provided that no deduction shall be made under this section where the amountof such payment or, as the case may be, the aggregate amount of such paymentsto a resident during the financial year does not exceed one hundred thousandrupees:]94[Provided further that no deduction shall be made under this section from anypayment made on or after the 1st day of June, 2000.]95[Payment of compensation on acquisition of certain immovable property 96 .194LA. Any person responsible for paying to a resident any sum, being in thenature of compensation or the enhanced compensation or the considerationor the enhanced consideration on account of compulsory acquisition,under any law for the time being in force, of any immovable property (other thanagricultural land), shall, at the time of payment of such sum in cash or by issueof a cheque or draft or by any other mode, whichever is earlier, deduct anamount equal to ten per cent of such sum as income-tax thereon:Provided that no deduction shall be made under this section where the amountof such payment or, as the case may be, the aggregate amount of such paymentsto a resident during the financial year does not exceed one hundred thousandrupees.Explanation.—For the purposes of this section,—(i) “agricultural land” means agricultural land in India including landsituate in any area referred to in items (a) and (b) of sub-clause (iii) ofclause (14) of section 2;(ii) “immovable property” means any land (other than agricultural land)or any building or part of a building.]Other sums.97195. 98 [(1) 99 Any person responsible for paying to a non-resident, not being acompany, or to a foreign company, any interest 1 [***] or any other sum94. Inserted by the Finance Act, 2000, w.e.f. 1-6-2000.95. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.96. See rules 30, 31, 31A, 31AB, 37 and 37BA and Form Nos. 16A, 26AS and 26Q.97. See also Circular No. 370, dated 3-10-1983, Letter [F. No. 391/3/78-FTD], dated 9-7-1984,Circular No. 152, dated 27-11-1974, Letter [F. No. 12/29/6-IT(B)], dated 1-6-1965, CircularNo. 43, dated 20-6-1970, Circular No. 20(II-4), dated 3-8-1961, Circular No. 588, dated2-1-1991, Circular No. 695, dated 28-11-1994, Circular No. 723, dated 19-9-1995, CircularNo. 728, dated 30-10-1995, Circular No. 734, dated 24-1-1996, Circular No. 740, dated17-4-1996, Circular No. 759, dated 18-11-1997, Circular No. 767, dated 22-5-1998, CircularNo. 769, dated 6-8-1998, Circular No. 790, dated 20-4-2000, Circular No. 10/2002, dated9-10-2002, Circular No. 7/2007, dated 23-10-2007, Circular No. 4/2009, dated 29-6-2009,Circular No. 7/2009 (withdrawing Circular No. 23, dated 23-7-1969, Circular No. 163, dated29-5-1975 and Circular No. 786, dated 7-2-2000) and Circular No. 9/2009, dated 30-11-2009. For details, see Taxmann’s Master Guide to Income-tax Act.98. Substituted by the Finance Act, 1987, w.e.f. 1-6-1987. Prior to substitution, sub-section (1)was amended by the Finance Act, 1965, w.e.f. 1-4-1965 and the Finance Act, 1975, w.e.f.1-4-1975.99. See rules 26, 28(1), 28AA, 28AB, 29B, 30, 31, 31A, 31AB, 37A, 37BA and 37BB and Form Nos.13, 15C, 15CA, 15CB, 15D, 16A, 26AS and 27Q.1. Words “(not being interest on securities)” omitted by the Finance Act, 2003, w.e.f. 1-6-2003.