(2) (i) Where tax has been collected at source and paid to the Central Government, credit for such tax shall be given for the assessment year for which the income is assessable to tax.
(ii) Where tax has been collected at source and paid to the Central Government and the lease or license is relatable to more than one year, credit for tax collected at source shall be allowed across those years to which the lease or license relates in the same proportion.
(3) Credit for tax collected at source and paid to the account of the Central Government shall be granted on the basis of—
(i) the information relating to collection of tax furnished by the collector to the income-tax authority or the person authorised by such authority; and
(ii) the information in the return of income in respect of the claim for the credit,
subject to verification in accordance with the risk management strategy formulated by the Board from time to time.
Extra Notes for Readers:
- Rule 37-I was introduced by the Income Tax (6th Amendment) Rules, 2009, w.e.f. 1-4-2009
Reference/Source: Check at Income Tax site for latest version of the Rules - link