Section 199 of Income Tax Act for AY 2023-24

Section 199 of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Credit for tax deducted.

Amended and updated notes on section 199 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 Credit for tax deducted.

Chapter XVII (Sections 190 to 234G) of the Income Tax Act 1961 deals with the provisions related to collection and recovery of tax. Section 199 of IT Act 1961 provides for Credit for tax deducted.

Recently, we have discussed in detail section 198 (Lower deduction in certain cases for a limited period) of IT Act 1961. Today, we learn the provisions of section 199 of Income-tax Act 1961. The amended provision of section 199 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 199 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-199: Credit for tax deducted

Section 199(1) of Income Tax Act

Any deduction made in accordance with the foregoing provisions of this Chapter 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.

Section 199(2) of Income Tax Act

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.

Section 199(3) of Income Tax Act

The Board may, for the purposes of giving credit in respect of tax deducted or tax paid in terms of the provisions of this Chapter, 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 sub-section (1) and sub-section (2) and also the assessment year for which such credit may be given.


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