Income Tax Act, 2025
Section 15: Subs. by Act 23 of 2012, s. 78, for “sixty-five years” (w.e.f. 12012).
15. Subs. by Act 23 of 2012, s. 78, for “sixty-five years” (w.e.f. 12012).
16. The words, figures and letter “and is entitled to a deduction from the amount of income-tax on his total income referred
to in section 88B” omitted by Act 22 of 2007, s. 58 (w.e.f. 12006).
659
1[(1D) Notwithstanding anything contained in this section, no deduction of tax shall be made by the
Offshore Banking Unit from the interest paid—
(a) on deposit made on or after the 1st day of April, 2005, by a non-resident or a person not
ordinarily resident in India; or
(b) on borrowing, on or after the 1st day of April, 2005, from a non-resident or a person not
ordinarily resident in India.
Explanation.—For the purposes of this sub-section “Offshore Banking Unit” shall have the same
meaning as assigned to it in clause (u) of section 2 of the Special Economic Zones Act, 2005.]
2[(1E) Notwithstanding anything contained in this Chapter, no deduction of tax shall be made from
any payment to any person for, or on behalf of, the New Pension System Trust referred to in clause (44)
of section 10.]
3[(1F) Notwithstanding anything contained in this Chapter, no deduction of tax shall be made from
such specified payment to such institution, association or body or class of institutions, associations or
bodies as may be notified by the Central Government in the Official Gazette, in this behalf.]
(2) The person responsible for paying any income of the nature referred to in sub-section (1) 4[or
sub-section (1A)] 5[or sub-section (1C)] shall deliver or cause to be delivered to the 6[ 7[Principal Chief
Commissioner or Chief Commissioner] or 8[Principal Commissioner or Commissioner]] one copy of the
declaration referred to in sub-section (1) 4[or sub-section (1A)] 5[or sub-section (1C)] on or before the
seventh day of the month next following the month in which the declaration is furnished to him.]
198. Tax deductedis income received.—All sums deducted in accordance with 9[the foregoing
provisions of this Chapter] shall, for the purpose of computing the income of an assessee, be deemed to
be income received:
10[Provided that the sum being the tax paid, under sub-section (1A) of section 192 for the purpose of
computing the income of an assessee, shall not be deemed to be income received.]
11[199. Credit for tax deducted.—(1) 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.
(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.
Notwithstanding anything contained in this section, no deduction of tax shall be made by the
Offshore Banking Unit from the interest paid—
on deposit made on or after the 1st day of April, 2005, by a non-resident or a person not
ordinarily resident in India; or
on borrowing, on or after the 1st day of April, 2005, from a non-resident or a person not
ordinarily resident in India.
Explanation.—For the purposes of this sub-section “Offshore Banking Unit” shall have the same
meaning as assigned to it in clause
of section 2 of the Special Economic Zones Act, 2005.]
2[
Notwithstanding anything contained in this Chapter, no deduction of tax shall be made from
any payment to any person for, or on behalf of, the New Pension System Trust referred to in clause
of section 10.]
3[
Notwithstanding anything contained in this Chapter, no deduction of tax shall be made from
such specified payment to such institution, association or body or class of institutions, associations or
bodies as may be notified by the Central Government in the Official Gazette, in this behalf.]
The person responsible for paying any income of the nature referred to in sub-section
4[or
sub-section
4[or sub-section
of section 192 for the purpose of
computing the income of an assessee, shall not be deemed to be income received.]
11[199. Credit for tax deducted.—
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.
Any sum referred to in sub-section
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.