Amendment of section 197.
48. In section 197 of the Income-tax Act, in sub-section (1), for the figures and letters “194LBC”, the figures and letters “194LBC, 194M” shall be substituted with effect from the 1st day of September, 2019.
Notes on Clauses:
Clause 48 of the Bill seeks to amend section 197 of the Incometax Act relating to certificate for deduction at lower rate.
It is proposed to amend sub-section (1) of the said section so as to provide that the sums on which tax deduction at source has been deducted under section 194M shall also be eligible for certificate for deduction at lower rate. This amendment is consequential in nature for the insertion of proposed new section 194M.
This amendment will take effect from 1st September, 2019.
