Clause 203 - Credit for tax collected. - Direct Taxes Code, 2010

Credit for tax collected. 203. (1) All sums collected in accordance with the provisions of this Sub-chapter and paid to the credit of the Central Government shall be deemed to be a payment of tax on behalf of the person from whom such amount has been collected (in this section referred to as collectee). (2) For the purpose of giving credit in respect of tax collected, the Board may prescribe— (a) the procedure for giving credit to the collectee, or any other person; (b) the financial year for which such credit may be given; and (c) any other matter connected therewith.