Section 199 - Credit for tax deducted - Income-tax Act, 1961

..... ake such rules as may be necessary, including the rules for the purposes of giving credit to a person other than those referred to in sub-section (1) and sub-section (2) and also the assessment year for which such credit may be given.] - Notes : 1. Substituted by Finance Act, 2008, w.e.f. 1.4.2008. Prior to substitution section 199 was read as under: "199. 1[(1)] Any deduction made in accordance with 2[the foregoing provisions of this Chapter] and paid to the Central Government shall be treated as a payment of 3[tax] on behalf of the person from whose income the deduction was made, or of the owner of the security 4[, or depositor or owner of property or of unit-holder] or of the shareholder, as the case may be, and credit shall be given to .....

x x x x x   Extracts   x x x x x

Section 199 - Credit for tax deducted - Income-tax Act, 1961

x x x x x   Extracts   x x x x x

..... it shall be given to him for the amount so paid on production of the certificate furnished under section 203 in the assessment under this Act for the assessment year for which such income is assessable.] 11[(3) Where any deduction is made in accordance with the foregoing provisions of this Chapter on or after the 1st day of April, 12[2008] and paid to the Central Government, the amount of tax deducted and specified in the statement referred to in section 203AA shall be treated as tax paid on behalf of the persons referred to in sub-section (1) or, as the case may be, sub-section (2) and credit shall be given to him for the amount so deducted in the assessment made under this Act for the assessment year for which such income is assessable wi .....

x x x x x   Extracts   x x x x x

Section 199 - Credit for tax deducted - Income-tax Act, 1961

x x x x x   Extracts   x x x x x

..... ics was inserted by the Finance Act, 1968, w.e.f. 1-4-1968. 6. Substituted for "made for the immediately following assessment year under this Act" by the Finance Act, 1987, w.e.f. 1-6-1987. 7. Substituted by the Finance Act, 1968, w.r.e.f. 1-4-1962. 8. Inserted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. 9. Substituted, by the Finance (No. 2) Act, 1996. Prior to its substitution, the second proviso, as substituted by the Finance Act, 1968, w.r.e.f. 1-4-1962, read as under : "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 propo .....

x x x x x   Extracts   x x x x x

Section 199 - Credit for tax deducted - Income-tax Act, 1961

x x x x x   Extracts   x x x x x