Banks exempted from deducting tax at source from interest paid on deposits under clause (vii) of sub-section (3) from 1-4-1970 - Whether tax already deducted and paid into Government account could be refunded directly by banks

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..... deposits under clause (vii) of sub-section (3) from 1-4-1970 - Whether tax already deducted and paid into Government account could be refunded directly by banks 1. I am directed to invite a reference to the Boards Circular No. 22/68-IT(B) [F.No. 12/23/68-IT(B)], dated 28-3/13-5-1968, and to say that the Finance Act of 1970, has made an important change in section 194A by inserting a new clau .....

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..... ial year, and certificate for such deduction issued to the depositors or the tax so deducted paid into Government account, such tax, under the existing provisions of law, cannot be refunded directly by the banks to depositors concerned and it has to be credited to Government account and the depositors have to obtain necessary refund/as may be due in this behalf, from their Income-tax Officers acco .....

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