Certificate for deduction at lower rate.
197. 37(1) 38[Subject to rules made
under sub-section (2A), 39[where, in
the case of any income of any person 40[or sum payable to any
person], income-tax is required to be deducted at the time of credit or, as the
case may be, at the time of payment at the rates in force under the provisions
of sections 192, 193,
41[194,] 194A, 42[194C,] 194D, 42[194G] 43[, 194H] 44[, 194-I] 45[, 194J] 46[, 194K] 47[***] 48[, 194LA] and 195, the
Assessing Officer is satisfied] that the total income 49[***] of the recipient
justifies the deduction of income-tax 50[***] at any lower
rates or no deduction of income-tax 50[***], as the case may
be, the 51[Assessing]
Officer shall, on an application made by the assessee in this behalf, give to
him such certificate as may be appropriate.
(2)
Where any such certificate is given, the person responsible for paying the
income shall, until such certificate is cancelled by the 51[Assessing] Officer,
deduct income-tax 52[***] at
the rates specified in such certificate or deduct no tax, as the case may be.
53[(2A) The Board may,
having regard to the convenience of assessees 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 (1) and the conditions subject to which such
certificate may be granted and providing for all other matters connected
therewith.]
(3)
54[***]
