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Section (197 to 200A) - Taxation | Income Tax for assessment (Inter Level) PDF Download

Section 197. Certificate for deduction at lower rate or nil rate
(1) Assessing Officer shall, on an application made by the assessee give to him certificate for lower deduction or nil deduction of tax at source. (Applicable to all types of incomes mentioned in S 192 to 195)
(2) The person responsible for deducting tax shall deduct tax at such lower rate or nil rate.

Section 197A. No TDS u/s 192A, 193, 194A, 194DA and 194I
1. Where individual or HUF furnished a declaration in Form 15G to the effect that the tax on his estimated total income will be nil then no tax shall be deducted at source. (Both Total Income and specified amount do not exceed basic exemption then only declaration can be furnished).
2. No declaration can be submitted if the amount specified u/s 192A, 193, 194A, 194DA and 194I exceeds the maximum amount which is not chargeable to income-tax. (Specified amount > Basic exemption)
3. However in the case of resident senior citizen or resident super senior citizen (aged atleast 60 years or aged atleast 80 years) even if his amount u/s 193, 194A and 194DA exceeds the maximum amount which is not chargeable to income-tax and tax on his total income is nil then he can furnish a declaration in the Form 15H to the effect that the tax on his estimated total income will be nil no tax shall be deducted.

Note : To file declaration tax on estimated total income should be nil and amount do not exceeds basic exemption. In case of senior citizen tax on total income should be nil.

Section 198. Tax Deducted is Income Received
All sums deducted in accordance with the foregoing provisions of this Chapter shall, for the purpose of computing the income of an assessee, be deemed to be income received.

Section 199. Credit for Tax Deducted
Any deduction made in 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, and credit shall be given to him for the amount so deducted on the production of the TDS certificate / Unique Transaction Number.
Provided that—in a case where whose income is included under the provisions of section 60, section 61, section 64, section 93 or section 94 in the total income of another person, the payment shall be deemed to have been made on behalf of, and the credit shall be given to, such other person.

Section 200. Duty of Person Deducting Tax

(1) Payment of TDS to Govt.

Month in which tax is deducted	Month in which tax is deposited
April to February	Tax is deposited by 7th of succeeding month in which tax is deducted.
March	Tax is deposited by 30th of succeeding month in which tax is deducted i.e. 30th April

(2) Quarterly returns for the period ending on the

April to June	15th July
July to September	15th Oct
October to December	15th Jan
January to March	31st May

Section 203. Certificate for Tax Deducted

Form No

Form No 16

Form No 16A

Salary Certificate

Other than salary certificate

Annual certificate by 31st May

AMJ	31st July
JAS	31st Oct
OND	31st Jan
JFM	30th June

Section 200A. Processing of Statements of TDS by Assessing Officer

The tax deducted shall be computed after making following adjustments

1.	an arithmetical error in the statement
2.	an incorrect claim, if such incorrect claim is apparent from any information in the statement.
	- a claim of wrong posting. (Matching of unique transaction number)
	- wrong rate of TDS.
3.	The interest shall be computed on the basis of above adjustment.
4.	The sum payable or refundable shall be adjusted by amount paid u/s 200 / 201.
5.	An intimation shall be prepared and sent to the assessee specifying the sum payable.
6.	The refund if any shall be granted to the assessee on the basis of above adjustment.
7.	Intimation shall be sent within a period of 1 year from the end of the financial year in which statement was filed.

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FAQs on Section (197 to 200A) - Taxation - Income Tax for assessment (Inter Level)

1. What is the purpose of Section 197 to 200A in taxation?

Ans. Section 197 to 200A in taxation provides guidelines and regulations related to the taxation process. It covers various aspects such as tax rates, deductions, exemptions, and penalties.

2. How can I calculate my tax liability under Section 197 to 200A?

Ans. To calculate your tax liability under Section 197 to 200A, you need to determine your taxable income by deducting applicable exemptions and deductions from your total income. Then, apply the relevant tax rates as per the guidelines provided in this section.

3. Are there any specific deductions or exemptions mentioned in Section 197 to 200A?

Ans. Yes, Section 197 to 200A specifies various deductions and exemptions that taxpayers can claim. These may include deductions for medical expenses, education expenses, home loan interest, and exemptions for certain income sources like agricultural income.

4. What are the penalties for non-compliance with Section 197 to 200A?

Ans. Non-compliance with Section 197 to 200A may result in penalties imposed by the tax authorities. These penalties can vary depending on the nature and severity of the non-compliance, and may include monetary fines or legal actions.

5. Can I seek professional assistance to ensure compliance with Section 197 to 200A?

Ans. Yes, seeking professional assistance from tax advisors or consultants can be beneficial in ensuring compliance with Section 197 to 200A. They can help you understand the regulations, calculate your tax liability accurately, and guide you on claiming deductions and exemptions appropriately.

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Dec 20, 2024 Last updated

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