Amendment of section 195

Section 24 of the Finance Act, 1970 deals with amendment of section 195. Amendment of section 195 24. In section 195 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted, namely:— "(3) Subject to rules made under sub-section (5), any person entitled to receive any interest or other sum on which income-tax has to be deducted under sub The Act was enacted on 14 May 1970.

Amendment of section 195

24. In section 195 of the Income-tax Act, after sub-section (2), the following sub-sections shall be inserted, namely:—

"(3) Subject to rules made under sub-section (5), any person entitled to receive any interest or other sum on which income-tax has to be deducted under sub-section (1) may make an application in the prescribed form to the Income-tax Officer for the grant of a certificate authorising him to receive such interest or other sum without deduction of tax under that sub-section, and where any such certificate is granted, every person responsible for paying such interest or other sum to the person to whom such certificate is granted shall, so long as the certificate is in force, make payment of such interest or other sum without deducting tax thereon under sub-section (1).

(4) A certificate granted under sub-section (3) shall remain in force till the expiry of the period specified therein or, if it is cancelled by the Income-tax Officer before the expiry of such period, till such cancellation.

(5) The Board may, having regard to the convenience of asses-sees and the interests of revenue, by notification in the Official Gazette, make rules specifying the cases in which, and the circumstances under which, an application may be made for the grant of a certificate under sub-section (3) and the conditions subject to which such certificate may be granted and providing for all other matters connected therewith.".

[Finance Act, 1970]

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Section 24, The Finance Act, 1970 (Act 19 of 1970).