India - Income Tax Act 2010 - Saarc

1.785 CH. XVII - COLLECTION AND RECOVERY - COLLECTION AT SOURCE S. 206C69[(4) Any amount collected in accordance with the provisions of this section andpaid to the credit of the Central Government shall be deemed to be a paymentof tax on behalf of the person from whom the amount has been collected andcredit shall be given to such person for the amount so collected in a particularassessment year in accordance with the rules 70 as may be prescribed by theBoard from time to time.](5) Every person collecting tax in accordance with the provisions of this sectionshall within 71 [such period as may be prescribed 72 from the time of debit] orreceipt of the amount furnish to the buyer 73 [or licensee or lessee] to whoseaccount such amount is debited or from whom such payment is received, acertificate to the effect that tax has been collected, and specifying the sum socollected, the rate at which the tax has been collected and such other particularsas may be prescribed 72 :74[ 74a [***]Provided 75 [***] that the prescribed income-tax authority or the personauthorised by such authority referred to in sub-section (3) shall, within theprescribed time after the end of each financial year 76 [beginning on or after the1st day of April, 2008], prepare and deliver to the buyer referred to in sub-section(1) or, as the case may be, to the licensee or lessee referred to in sub-section (1C),a statement in the prescribed form 77 specifying the amount of tax collected andsuch other particulars as may be prescribed.]69. Substituted by the Finance Act, 2008, w.e.f. 1-4-2008. Prior to its substitution, sub-section(4), as amended by the Finance (No. 2) Act, 2004, w.e.f. 1-4-2005, Finance Act, 2005, w.e.f.1-4-2005 and Finance Act, 2006, w.e.f. 1-4-2006, read as under :“(4) Any amount collected in accordance with the provisions of this section and paidunder sub-section (3) shall be deemed as payment of tax on behalf of the person fromwhom the amount has been collected and credit shall be given to him for the amount socollected on the production of the certificate furnished under sub-section (5) in theassessment made under this Act for the assessment year for which such income isassessable :Provided that where any amount is collected in accordance with the provisions of thissection on or after the 1st day of April, 2008 and paid under sub-section (3) to the creditof the Central Government, the amount of tax collected and specified in the statementreferred to in the second proviso to sub-section (5) shall be deemed as payment of taxon behalf of the person from whom the amount has been collected and credit shall begiven to him for the amount so collected in the assessment made under this Act for theassessment year for which such income is assessable without the production ofcertificate.”70. See rule 37-I.71. Substituted for “ten days from the date of debit” by the Taxation Laws (Amendment) Act,2003, w.e.f. 8-9-2003.72. See rule 37D and Form No. 27D.73. Inserted by the Finance (No. 2) Act, 2004, w.e.f. 1-10-2004.74. Inserted, ibid., w.e.f. 1-4-2005.74a. First proviso omitted by the Finance Act, 2010, w.e.f. 1-4-2010. Prior to its omission, firstproviso as amended by the Finance Act, 2008, w.e.f. 1-4-2008, Finance Act, 2006, w.e.f.1-4-2006 and Finance Act, 2005, w.e.f. 1-4-2005, read as under :“Provided that no certificate may be furnished in a case where tax has been collected inaccordance with the foregoing provisions of this section on or after the 1st day of April,2010 :”75. Word “further” omitted by the Finance Act, 2010, w.e.f. 1-4-2010.76. Inserted by the Finance Act, 2006, w.r.e.f. 1-4-2005.77. See rule 31AB and Form No. 26AS.