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Rule 37H of Income Tax Rules 1962: TCS Certificate at lower rates from buyer- Section 206C(9)

Rule 37H : Certificate for collection of tax at lower rates from buyer under sub-section (9) of section 206C
(Chapter: VIA - Collection of Tax at Source)

"(1) Where the Assessing Officer is satisfied that the total income of the buyer or licensee or lessee justifies the collection of tax at any lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) of section 206C, he shall, on an application made by the buyer or licensee or lessee under rule 37G, give to him a certificate for collection of tax at such lower rate than the relevant rate specified in sub-section (1) or sub-section (1C) of that section.

(2) The certificate given under sub-rule (1) shall be valid for the assessment year specified in that certificate, unless it is cancelled by the Assessing Officer at any time before the expiry of the specified period.

(3) An application for a fresh certificate may be made, if required, after the expiry of the period of validity of the earlier certificate given under sub-rule (1).

(4) The certificate shall be valid only for the person named therein.

(5) The certificate shall be issued direct to the person responsible for collecting the tax under advice to the buyer who made an application for issue of such certificate."




Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
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