07-03-2009, 07:36 PM
FOr reference please read followinf section
1[158. Time of deduction of tax.- A person required to deduct tax from an
amount paid by the person shall deduct tax -
1 The semicolon substituted by the Finance Act, 2006.
2 Inserted by the Finance Act, 2006.
3 Inserted by the Finance Act, 2006.
4 Substituted by the by the Finance Act, 2006. The substituted proviso read as follows
âProvided that the tax shall not be deducted in case, the balance in the personsâ individual
pension account is invested in an approved income payment plan of a pension fund manager or
paid to a life insurance company for the purchase of an approved annuity plan or is transferred to
another individual pension account of the taxpayer maintained with any other Pension Fund
Manager under Change of Pension Fund Manager option specified in the Voluntary Pension
System Rules, 2005.â
5 Omitted by the Finance Act, 2002. The omitted section 157 read as follows
â157. Petroleum products.- (1) Every person selling petroleum products to a petrol pump
operator shall deduct tax from the amount of commission or discount allowed to the operator at the
rate specified in Division VII of Part III of the First Schedule.
(2) The tax deducted under sub-section (1) shall be a final tax on the income arising from
the sale of petroleum products to which sub-section (1) applies.â
181
(a) in the case of deduction under section 151, at the time the
amount is 2[paid or] credited to the account of recipient 3[,
whichever is earlier]; and
(b) in other cases, at the time the amount is actually paid.]
1[158. Time of deduction of tax.- A person required to deduct tax from an
amount paid by the person shall deduct tax -
1 The semicolon substituted by the Finance Act, 2006.
2 Inserted by the Finance Act, 2006.
3 Inserted by the Finance Act, 2006.
4 Substituted by the by the Finance Act, 2006. The substituted proviso read as follows
âProvided that the tax shall not be deducted in case, the balance in the personsâ individual
pension account is invested in an approved income payment plan of a pension fund manager or
paid to a life insurance company for the purchase of an approved annuity plan or is transferred to
another individual pension account of the taxpayer maintained with any other Pension Fund
Manager under Change of Pension Fund Manager option specified in the Voluntary Pension
System Rules, 2005.â
5 Omitted by the Finance Act, 2002. The omitted section 157 read as follows
â157. Petroleum products.- (1) Every person selling petroleum products to a petrol pump
operator shall deduct tax from the amount of commission or discount allowed to the operator at the
rate specified in Division VII of Part III of the First Schedule.
(2) The tax deducted under sub-section (1) shall be a final tax on the income arising from
the sale of petroleum products to which sub-section (1) applies.â
181
(a) in the case of deduction under section 151, at the time the
amount is 2[paid or] credited to the account of recipient 3[,
whichever is earlier]; and
(b) in other cases, at the time the amount is actually paid.]
