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41. Amendment of section 195. |
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In section 195 of the Income-tax Act, after sub-section (5), the following sub-section shall be inserted, namely:
(6) The person referred to in sub-section (1) shall furnish the information relating to payment of any sum in such form and manner as may be prescribed by the Board.".
Clause 41 seeks to amend section 195 of the Income-tax Act, which relates to other sums.
Sub-section (1) of the said section provides that any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest or any other sum chargeable under the Act shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax there-on at the rates in force.
The proposed amendment seeks to insert sub-section (6) in the said section so as to provide that the person referred to in sub-section (1) shall furnish the information relating to payment of any sum in such form and manner as may be prescribed by the Board.
This amendment will take effect from 1st April, 2008.
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