62. Credit of tax deducted or collected at source.-

62. Credit of tax deducted or collected at source.- 

Any deduction or collection of tax made and paid to the account of the Government in accordance with the provisions of this Chapter shall be treated as a payment of tax on behalf of the person from whose income the deduction or collection was made, or of the owner of the security or of the shareholder, as the case  may be, and credit shall be given to him therefor on the production of the certificate furnished 1[,along with the proof of payment of such tax to the account of the Government,] under section 58 in the assessment, if any, made for the following year under this Ordinance:
Provided that, if such person or such owner obtains, in accordance with the  provisions  of  this  Ordinance,  a  refund  of  any  portion  of  the  tax  so deducted, no credit shall be given for the amount of such refund:

Provided  further  that  where  such  person  or  owner  is  a  person  whose income is included under the provisions of section 43 (4) or (5) or section 104  or  105  or  106  in  the  total  income  of  another  person,  such  other person  shall  be  deemed  to  be  the  person  or  owner  on  whose  behalf payment  has  been  made  and  to  whom  credit  shall  be  given  in  the assessment for the following year.

1[provided futher that , notwithstanding the provisions of this section, if such person derives income exempted under section 45,credit of tax deducted or collected at source shall be given to him for the assessment year following next after the expiry of the period of exemption allowed under the said section.]


1 Ins. by F.A 2016

2 Ins. by F.A. 1992 subsequently omitted by F.A. 1993



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