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Sch. I Part A Rule 4 – Income Tax Act, 1961

Income Tax Act, 1961

 

 

Sch. I Part A Rule 4. ADJUSTMENT OF TAX PAID BY DEDUCTION AT SOURCE.

 

Where for any year an assessment of the profits of life insurance business is made in accordance with the annual average of a surplus disclosed by a valuation for an inter-valuation period exceeding twelve months, then, in computing the income-tax payable for that year, credit shall not be given in accordance with section 199 for the income-tax paid in the previous year, but credit shall be given for the annual average of the income-tax paid by deduction at source from interest on securities or otherwise during such period.

 

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Income Tax Act, 1961 

 

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