[Application for certificate authorising receipt of interest and other sums without deduction of tax.
29B. (1) Any person entitled to receive any interest, or other sum, on which income-tax has to be deducted under sub-section (1) of section 195 may, if he fulfils the conditions specified in sub-rule (2), make an application for the grant of a certificate under sub-section (3) of section 195 authorising him to receive without deduction of tax under sub-section (1) of that section any such income as is specified hereinbelow, namely :—
in so far as such interest or other sum is receivable by such branch on its own account and not on behalf of its head office or any branch situated outside India, or any other person.
(2) The conditions referred to in sub-rule (1) are the following, namely :—
(3) The application under sub-rule (1) by a 1[banking company or an insurer] shall be in Form No. 15C and by any other person [referred to in clause (ii) of sub-rule (1)] shall be in Form No. 15D.
(4) The [Assessing Officer] may give a certificate authorising the person con-cerned to receive the income specified in clause (i) or clause (ii) of sub-rule (1), without deduction of tax under sub-section (1) of section 195, if he is satisfied that all the conditions laid down in sub-rule (2) are fulfilled and the issue of any such certificate will not be prejudicial to the interests of revenue.
(5) The certificate shall be valid for the financial year specified therein, unless it is cancelled by the [Assessing Officer] at any time before the expiry of the said financial year. An application for a fresh certificate may be made, if required, after the expiry of the period of validity of the earlier certificate, or within three months before the expiry thereof.
3[Explanation.— for the purposes of this rule, "insurer" shall have the same meaning as assigned to it in sub-clause (d) of clause (9) of section 2 of the Insurance Act, 1939 (4 of 1938).]
(6) [* * *]].
1. Substituted for "banking company" by the Income-tax (Twenty First Amendment) Rules, 2020, w.e.f. 22-9-2020.
2. Substituted for "interest on securitis" by the Income-tax (Nineteenth Amendment) Rules, 2017, w.e.f. 4-7-2017.
3. Inserted by the Income-tax (Twenty First Amendment) Rules, 2020, w.e.f. 22-9-2020.