Clause 64 - Insertion of new section 194-IC. - Payment under specified agreement. - Finance Bill, 2017

Insertion of new section 194-IC. 64. After section 194-IB of the Income-tax Act as so inserted, the following section shall be inserted, namely:- Payment under specified agreement. 194-IC. Notwithstanding anything contained in section 194-IA, any person responsible for paying to a resident any sum by way of consideration, not being consideration in kind, under the agreement referred to in sub-section (5A) of section 45, shall at the time of credit of such sum to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct an amount equal to ten per cent. of such sum as income-tax thereon. .