Income-tax Act,1961
Act No : 43
Section :
Credit for tax deducted 1.
199. Credit for tax deducted1 Any deduction made in accordance with the provisions of 2[sections 192 to 194, section 194A 3[, section 194B) 4[, section 194BB] 5[, section 194C] 6[, section 194D] 7[, section 194E] 8[, section 194EE, section 194F, section 194G, section 194H, 9[section 194-I,] 10[section 194J, section 194K,] section 195, section 196A 11[, section 196B 12[, section 196C and section 196D]]]] and paid to the Central Government shall be treated as a payment of 13 [tax] on behalf of the person from whose income the deduction was made, or of the owner of the security or of the shareholder, as the case may be, and credit shall be given to him for the amount so deducted on the production of the certificate furnished under section 203 in the assessment 14[* * *] 15[made under this Act for the assessment year for which such income is assessable]: 16[Provided that- (i) in a case where such person or owner- or shareholder is a person, whose income is included under the provisions of section 60, section 61, section 64, section 93 or section 94 in the total income of another person, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, such other person; (ii) 17in any other case, where the dividend on any share is assessable as the income of a person other than the shareholder, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, such other person in such circumstances as may be prescribed: Provided further that where any security or share in a company is owned jointly by two or more persons not constituting a partnership, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, each such person in the same proportion in which the ---------------------------------------------------------------------- 2 Substituted for "sections 192 to 195" by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1967. 3 Inserted by the Finance Act, 1972, w.e.f. 1-4-1972. 4 Inserted by the Finance Act, 1978, w.e.f. 1-4-1978. 5 Inserted by the Finance Act, 1972, w.e.f. 1-4-1972. 6 Inserted by the Finance Act, 1973, w.e.f. 1-4-1973. 7 Inserted by the Direct Tax Laws (Second Amendment) Act, 1989, w.e.f. 1-11-1989. 8 Substituted for "section 195 and section 196A" by the Finance (No. 2) Act, 1991, w.e.f. 1-10-1991. 9 Inserted by the Finance Act, 1994, w.e.f. 1-6-1994. 10 Inserted by the Finance Act, 1995, w.e.f. 1-7-1995. 11 Substituted for ", and section 196B" by the Finance Act, 1992, w.e.f. 1-6-1992. 12 Substituted for "and section 196C" by the Finance Act, 1993, w.e.f. 1-6-1993. 13 Substituted for "income-tax or super-tax, as the case may be," by the Finance Act, 1965, w.e.f. 1-4-1965. 14 The words "(including a provisional assessment under section 141A), if any" omitted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Earlier, the italicised words were inserted by the Finance Act, 1968, w.e.f. 1-4-1968. 15 Substituted for "made for the immediately following assessment year under this Act" by the Finance Act, 1987, w.e.f. 1-6-1987. 16 Substituted by the Finance Act, 1968, w.r.e.f. 1-4-1962. ---------------------------------------------------------------------- 1.638 interest on such security or dividend on such share is assessable as his income.]
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