Certificate of no deduction of tax in case of certain entities—(1) Subject to the conditions specified in sub-rule (2), a person—
may make an application to the Assessing Officer for the grant of a certificate under sub-section (1) of section 197 authorizing him to receive incomes without deduction of tax at source. (2) The conditions referred to in sub-rule [(1)] are the following, namely :—
(3) An application for the certificate is to be made to the Assessing Officer in accordance with sub-rule (1) of rule 28. (4) The Assessing Officer may issue a certificate authorizing payment of incomes without deduction of tax at source 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 applicant may furnish copies of certificate issued under sub-rule (4) to the person responsible for paying the income for the purpose of no deduction of tax at source. (6) 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. (7) An application for a fresh certificate may be made, if the assessee so desires, after the expiry of the period of validity of the earlier certificate. |