India - Income Tax Act 2010 - Saarc

S. 199 I.T. ACT, 1961 1.770declaration referred to in sub-section (1) 78 [or sub-section (1A)] 79 [or sub-section(1C)] on or before the seventh day of the month next following the month inwhich the declaration is furnished to him.]Tax deducted is income received.198. All sums deducted in accordance with 80 [the foregoing provisions of thisChapter] shall, for the purpose of computing the income of an assessee, bedeemed to be income received :81[Provided that the sum being the tax paid, under sub-section (1A) of section 192for the purpose of computing the income of an assessee, shall not be deemed tobe income received.]82[Credit for tax deducted.199. (1) Any deduction made in accordance with the foregoing provisions of thisChapter and paid to the Central Government shall be treated as a paymentof tax on behalf of the person from whose income the deduction was made, orof the owner of the security, or of the depositor or of the owner of property orof the unit-holder, or of the shareholder, as the case may be.(2) Any sum referred to in sub-section (1A) of section 192 and paid to the CentralGovernment shall be treated as the tax paid on behalf of the person in respect ofwhose income such payment of tax has been made.78. Inserted by the Finance Act, 1992, w.e.f. 1-6-1992.79. Inserted by the Finance Act, 2003, w.e.f. 1-6-2003.80. Substituted for the portion beginning with the words “the provisions of sections 192” andending with “section 196D” by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004. Prior to itssubstitution, the quoted portion, as amended by the 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, Direct Tax Laws (Second Amendment) Act, 1989, w.e.f.1-11-1989, Finance (No. 2) Act, 1991, w.e.f. 1-10-1991, Finance Act, 1992, w.e.f. 1-6-1992,Finance Act, 1993, w.e.f. 1-6-1993, Finance Act, 1994, w.e.f. 1-6-1994, Finance Act, 1995,w.e.f. 1-7-1995 and Finance Act, 1999, w.e.f. 1-6-1999, read as under:“the provisions of sections 192 to 194, section 194A, section 194B, section 194BB, section194C, section 194D, section 194E, section 194EE, section 194F, section 194G, section 194H,section 194-I, section 194J, section 194K, section 194L, section 195, section 196A, section196B, section 196C and section 196D”.81. Inserted by the Finance Act, 2002, w.e.f. 1-6-2002.82. Substituted by the Finance Act, 2008, w.e.f. 1-4-2008. Prior to its substitution, section 199as amended by the Finance Act, 2006, w.e.f. 1-4-2006, Finance Act, 2005, w.e.f. 1-4-2005,Finance (No. 2) Act, 2004, w.e.f. 1-4-2005/1-10-2004, Finance Act, 2002, w.e.f. 1-6-2002,Finance Act, 1999, w.e.f. 1-6-1999, Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, Finance Act,1995, w.e.f. 1-7-1995, Finance Act, 1994, w.e.f. 1-6-1994, Finance Act, 1993, w.e.f. 1-6-1993,Finance Act, 1992, w.e.f. 1-6-1992, Finance (No. 2) Act, 1991, w.e.f. 1-10-1991, Direct TaxLaws (Second Amendment) Act, 1989, w.e.f. 1-11-1989, Direct Tax Laws (Amendment) Act,1987, w.e.f. 1-4-1989, Finance Act, 1987, w.e.f. 1-6-1987, Finance Act, 1978, w.e.f.1-4-1978, Finance Act, 1973, w.e.f. 1-4-1973, Finance Act, 1972, w.e.f. 1-4-1972, Finance Act,1968, w.e.f. 1-4-1968, Finance Act, 1968, w.r.e.f. 1-4-1962, Finance (No. 2) Act, 1967, w.e.f.1-4-1967 and Finance Act, 1965, w.e.f. 1-4-1965, read as under :“199. Credit for tax deducted.—(1) Any deduction made in accordance with the foregoingprovisions of this Chapter and paid to the Central Government shall be treated as apayment of tax on behalf of the person from whose income the deduction was made, orof the owner of the security, or depositor or owner of property or of unit-holder or of theshareholder, as the case may be, and credit shall be given to him for the amount sodeducted on the production of the certificate furnished under section 203 in theassessment made under this Act for the assessment year for which such income isassessable :(Contd. on p. 1.771)