India - Income Tax Act 2010 - Saarc

1.767 CH. XVII - COLLECTION AND RECOVERY - DEDUCTION AT SOURCE S. 19736[Provided that no such deduction shall be made in respect of any dividendsreferred to in section 115-O.](2) No deduction of tax shall be made from any income, by way of capital gainsarising from the transfer of securities referred to in section 115AD, payable to aForeign Institutional Investor.]Certificate for deduction at lower rate.197. 37 (1) 38 [Subject to rules made under sub-section (2A), 39 [where, in the caseof any income of any person 40 [or sum payable to any person], income-taxis required to be deducted at the time of credit or, as the case may be, at the timeof payment at the rates in force under the provisions of sections 192, 193, 41 [194,]194A, 42 [194C,] 194D, 42 [194G] 43 [, 194H] 44 [, 194-I] 45 [, 194J] 46 [, 194K] 47 [***]48[, 194LA] and 195, the Assessing Officer is satisfied] that the total income 49 [***]of the recipient justifies the deduction of income-tax 50 [***] at any lower rates orno deduction of income-tax 50 [***], as the case may be, the 51 [Assessing] Officershall, on an application made by the assessee in this behalf, give to him suchcertificate as may be appropriate.(2) Where any such certificate is given, the person responsible for paying theincome shall, until such certificate is cancelled by the 51 [Assessing] Officer,deduct income-tax 52 [***] at the rates specified in such certificate or deduct notax, as the case may be.36. Inserted by the Finance Act, 2003, w.e.f. 1-4-2003. Earlier the proviso was inserted by theFinance Act, 1997, w.e.f. 1-6-1997 and later on omitted by the Finance Act, 2002, w.e.f.1-6-2002.37. See rules 28(1), 28AA, 28AB and 29 and Form No. 13.See also Letter [F. No. 1(54)-63/TPL], dated 18-5-1963, Letter [F.No. 20/23/67-IT(A-I)],dated 28-7-1967, Circular No. 774, dated 17-3-1999, Instruction No. 8/2006, dated31-10-2006, Circular No. 7/2008, dated 1-8-2008 and Instruction No. 7/2009, dated 22-12-2009. For details, see Taxmann’s Master Guide to Income-tax Act.38. Substituted for “Where, in the case of any income of any person other than a company”by the Finance Act, 1987, w.e.f. 1-6-1987.39. Substituted by the Finance Act, 1992, w.e.f. 1-6-1992. Earlier, amendments were made bythe Finance Act, 1965, w.e.f. 1-4-1965, Finance (No. 2) Act, 1967, w.e.f. 1-4-1967, Finance Act,1972, w.e.f. 1-4-1972, Finance Act, 1973, w.e.f. 1-4-1973, Finance Act, 1978, w.e.f. 1-4-1978,Finance Act, 1986, w.e.f. 1-4-1987 and Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.40. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.41. Inserted by the Finance Act, 1993, w.e.f. 1-6-1993.42. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.43. Inserted by the Finance Act, 2001, w.e.f. 1-6-2001.44. Inserted by the Finance Act, 1994, w.e.f. 1-6-1994.45. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.46. Inserted by the Finance Act, 1995, w.e.f. 1-7-1995.47. “, 194L” omitted by the Finance Act, 2003, w.e.f. 1-6-2003. Earlier, it was inserted by theFinance Act, 1999, w.e.f. 1-6-1999.48. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.49. Words “or the total world income” omitted by the Finance Act, 1965, w.e.f. 1-4-1965.50. Words “or super-tax” omitted, ibid.51. Substituted for “Income-tax” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.52. Words “and super-tax” omitted by the Finance Act, 1965, w.e.f. 1-4-1965.