(1) Every representative assessee who, as such, pays any sum under this Act, shall be entitled to recover the sum so paid from the person on whose behalf it is paid, or to retain out of any moneys that may be in his possession or may come to him in his representative capacity, an amount equal to the sum so paid.
(2) Any representative assessee, or any person who apprehends that he may be assessed as a representative assessee, may retain out of any money payable by him to the person on whose behalf he is liable to pay tax (hereinafter in this section referred to as the principal), a sum equal to his estimated liability under this Chapter, and in the event of any disagreement between the principal and such representative assessee or person as to the amount to be so retained, such representative assessee or person may secure from the 1 Assessing Officer a certificate stating the amount to be so retained pending final settlement of the liability, and the certificate so obtained shall be his warrant for retaining that amount.
(3) The amount recoverable from such representative assessee or person at the
time of final settlement shall not exceed the amount specified in such
certificate, except to the extent to which such representative assessee or
person may at such time have in his hands additional assets of the principal.
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1. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
Section 161 Liability of representative assessee
Section 162 Right of representative assessee to recover tax paid
Section 163 Who may be regarded as agent
Section 164 Charge of tax where share of beneficiaries unknown
Section 164A Charge of tax in case of oral trust
Section 165 Case where part of trust income is chargeable
Section 166 Direct assessment or recovery not barred
Section 167 Remedies against property in cases of representative assessees
Section 167A Charge of tax in the case of a firm
Section 167C Liability of partners of limited liability partnership in liquidation