Amended and updated notes on section 190 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Deduction at source and advance payment.
Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 190 of IT Act 1961 provides for Deduction at source and advance payment.
Recently, we have discussed in detail section 189A (Provisions applicable to past assessments of firms) of IT Act 1961. Today, we learn the provisions of section 190 of Income-tax Act 1961. The amended provision of section 190 is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 190 of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.
Section-190: Deduction at source and advance payment
Section 190(1) of Income Tax Act
Notwithstanding that the regular assessment in respect of any income is to be made in a later assessment year, the tax on such income shall be payable by deduction or collection at source or by advance payment or by payment under sub-section (1A) of section 192, as the case may be, in accordance with the provisions of this Chapter.
Section 190(2) of Income Tax Act
Nothing in this section shall prejudice the charge of tax on such income under the provisions of sub-section (1) of section 4.