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Direct Tax Law
DATE-WISE
INCOME TAX ORD.,1979 - SECTIONS
CHAPTER VI - PAYMENT OF TAX BEFORE ASSESSMENT 50 TO 54

SEC. EFF_DATE END_DATE SEC. 2001

SUBJECT
ORD
50(5) 30/06/1994 28/06/1995 Deduction of tax at source 148
-- On Import
CHAPTER VI - PAYMENT OF TAX BEFORE ASSESSMENT

50. Deduction of tax at source.--

(5) Notwithstanding anything contained in any law for the time

being in force,-

(a) the Collector of Customs shall, in the case of every

importer of goods, collect advance tax computed, on the
basis of the value of such goods as increased by the
customs duty and sales-tax, if any, leviable thereon, at
the rates specified in the First Schedule, and credit
for the tax so collected in any financial year shall,
subject to the provisions of section 53, be given in
computing the tax payable by such importer for the
assessment year commencing on the first day of July next
following the said financial year, or in the case of an
assessee to whom section 72 or section 81 applies, the
assessment year, in which the ``said date'', as referred
to therein, falls, which ever is the later;

(b) the tax under clause (a) shall be collected in the same
manner and at the same time as the customs duty, as if
such goods (even though exempt from such duty) were
liable to such duty, and all the provisions of the
Customs Act, 1969 (IV of 1969) shall, so far as may be,
apply accordingly:-

..........................................................

Explanation.- As used in this sub-section,-

(i) ``value'', in relation to any goods, means the value as

determined under section 25 of the Customs Act, 1969 (IV
of 1969), as if the goods were subject to ad valorem
duty; and

(ii) ``Collector of Customs'' means a person appointed as

Collector of Customs under section 3 of the Customs Act,
1969 (IV of 1969) and includes a Deputy Collector of
Customs, an Assistant Collector of Customs or an officer
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of Customs appointed as such under the aforesaid section.

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{Note: The proviso was omitted vide Finance Act, 1994.}

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