The Tax Publishers

Rule 37BA

Credit for TDS

1. Credit to be given to person from whose income deduction is made

Section 199(1) provides that any deduction made in accordance with the provisions of Chapter XVII-B and paid to the Central Government shall be treated as a payment of tax on behalf of the person from whose income the deduction was made, or of the owner of the security, or of the depositor or of the owner of property or of the unit-holder, or of the shareholder, as the case may be.

2. Furnishing of challan-cum-statement where tax is deducted under section 194-IA

Sub-rule (4A) of rule 31A provides that notwithstanding anything contained in sub-rule (1) or sub-rule (2) or sub-rule (3) or sub-rule (4), every person responsible for deduction of tax under section 194-IA shall furnish to the Director General of Income Tax (System) or the preson authorised by him a challan-cum-statement in Form No. 26QB electronically in accordance with the procedures, formats and standards specified under sub-rule (5) within thirty days from the end of the month in which the deduction is made.

3. Credit for tax deducted under section 192(1A)

As per section 199(2) any sum referred to in sub-section (1A) of section 192 and paid to the Central Government shall be treated as the tax paid on behalf of the person in respect of whose income such payment of tax has been made.

4. CBDT empowered to make rules

The CBDT has been empowered, for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of Chapter XVII-B so as to make such rules as may be necessary, including the rules for the purposes of giving credit to a person other than those referred to in section 195(1) and section 195(2) and also the assessment year for which such credit may be given.

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