Insertion of new section 194E

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..... ers. (1) Any person assessable as a firm who is responsible for paying to a partner any income by way of,- (a) interest on capital or any other sum borrowed by it from the partner; (b) salary, bonus, commission or remuneration, by whatever name called, shall at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a chequ .....

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..... red to in sub-section (1) due or received by him from the other firm or firms, the tax deducted at source therefrom and such other particulars, in such form and verified in such manner as may be prescribed, and thereupon the firm responsible for making the payment referred to above shall take into account the details so furnished for the purposes of making the deduction under sub-section (1). (3 .....

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..... the payments referred to in sub-section (1) below the amount that would be so deductible if the other income and the tax deducted thereon had not been taken into account. (4) The firm responsible for making the payment referred to in sub-section (1) may, at the time of making any deduction, increase or reduce the amount to be deducted under this section for the purpose of adjusting any excess o .....

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