Amendment status not verified — confirm the current text below against the official source.
Substituted by Act No.26 of 2017. Due date for Payment of Tax. [Act No.5 of 2005] 45 (1.25%) percent per month] for the period of delay from such prescribed or specified date for its payment. The interest in respect of part of a month shall be computed proportionately and for this purpose, a month shall mean a period of 30 days. 73[(3) The Central Government or the State Government or an industrial, commercial or trading undertaking of the Central Government or of the State Government or a local authority or a statutory body or a company registered under the Companies Act, 1956 or any other person notified by the Commissioner, shall deduct from out of the amounts payable by them to a dealer in respect of works contract executed for them, an amount calculated at such rate as may be prescribed and such contractee deducting tax at source shall remit such amount in the manner prescribed: Provided that no deduction shall be made from any amounts paid as consideration to any sub-contractor if tax was already deducted by the contractee. 74[(3-A) Notwithstanding anything contained in sub- section (3), in the case of a dealer, executing works contract for Government or Local Authority, wherever tax 75[at the rate of five percent (5%)] is added separately to the estimated value of the contract, such tax shall be collected by the contractee and remitted in the manner as may be prescribed.] 76[(3-B) Every Film Processing Laboratory by whatever name it is called shall collect tax at source at the rates as may be prescribed for this purpose, from the film producers opting for payment of tax under sub-section (8A) of section