India - Income Tax Act 2010 - Saarc

1.769 CH. XVII - COLLECTION AND RECOVERY - DEDUCTION AT SOURCE S. 197A68[(1B) The provisions of this section shall not apply where the amount of anyincome of the nature referred to in sub-section (1) or sub-section (1A), as the casemay be, or the aggregate of the amounts of such incomes credited or paid orlikely to be credited or paid during the previous year in which such income is tobe included exceeds the maximum amount which is not chargeable to incometax.]69[(1C) Notwithstanding anything contained in section 193 or section 194 orsection 194A or section 194EE or section 194K or sub-section (1B) of this section,no deduction of tax shall be made in the case of an individual resident in India,who is of the age of sixty-five years or more at any time during the previous year70[***], if such individual furnishes to the person responsible for paying anyincome of the nature referred to in section 193 or section 194 or section 194A orsection 194EE or section 194K, as the case may be, a declaration in writing induplicate in the prescribed form 71 and verified in the prescribed manner to theeffect that the tax on his estimated total income of the previous year in whichsuch income is to be included in computing his total income will be nil.]72[(1D) Notwithstanding anything contained in this section, no deduction of taxshall be made by the Offshore Banking Unit from the interest paid—(a) on deposit made on or after the 1st day of April, 2005, by a nonresidentor a person not ordinarily resident in India; or(b) on borrowing, on or after the 1st day of April, 2005, from a nonresidentor a person not ordinarily resident in India.Explanation.—For the purposes of this sub-section “Offshore Banking Unit” shallhave the same meaning as assigned to it in clause (u) of section 2 of the SpecialEconomic Zones Act, 2005 73 .]74[(1E) Notwithstanding anything contained in this Chapter, no deduction of taxshall be made from any payment to any person for, or on behalf of, the NewPension System Trust referred to in clause (44) of section 10.](2) The person responsible for paying any income of the nature referred to in subsection(1) 75 [or sub-section (1A)] 76 [or sub-section (1C)] shall deliver or cause tobe delivered to the 77 [Chief Commissioner or Commissioner] one copy of the68. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.69. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.70. Words “and is entitled to a deduction from the amount of income-tax on his total incomereferred to in section 88B” omitted by the Finance Act, 2007, w.r.e.f. 1-4-2006.71. See rule 29C and Form No. 15H.72. Inserted by the Special Economic Zones Act, 2005, w.e.f. 10-2-2006.73. For text of section 2(u) of the Special Economic Zones Act, 2005, see Appendix.74. Inserted by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009.75. Inserted by the Finance Act, 1992, w.e.f. 1-6-1992.76. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.77. Substituted for “Commissioner” by the Direct Tax Laws (Amendment) Act, 1987, w.e.f.1-4-1988.