(1)Any person responsible for paying any income chargeable under the head "Salaries" shall, at the time of payment, deduct income-tax [* * *] [ Certain words omitted by Act 10 of 1965, Section 44 (w.r.e.f. 1.4.1965).] on the amount payable at the average rate of income-tax [* * *] [ Certain words omitted by Act 10 of 1965, Section 44 (w.r.e.f. 1.4.1965).] computed on the basis of the [rates in force] [ Substituted by Act 19 of 1968, Section 13, for " rates of tax in force" (w.r.e.f. 1.4.1968).] for the financial year in which the payment is made, on the estimated income of the assessee under this head for that financial year.[(1-A) Without prejudice to the provisions contained in sub-section (1), the person responsible for paying any income in the nature of a perquisite which is not provided for by way of monetary payment, referred to in clause (2) of section 17, may pay, at his option, tax on the whole or part of such income without making any deduction therefrom at the time when such tax was otherwise deductible under the provisions of sub-section (1).(1-B) For the purpose of paying tax under sub-section (1-A), tax shall be determined at the average of income-tax computed on the basis of the rates in force for the financial year, on the income chargeable under the head "Salaries" including the income referred to in sub-section (1-A), and the tax so payable shall be construed as if it were, a tax deductible at source, from the income under the head "Salaries" as per the provisions of sub-section (1), and shall be subject to the provisions of this Chapter.] [ Inserted by Act 20 of 2002, Section 71 (w.e.f. 1.6.2002).]
