(5)Any agent, or any person who apprehends that he may be assessed as an agent, may retain out of money payable by him to the person residing outside India 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 section, and in the event of any disagreement between the principal and such agent or person, as to the amount to be so retained, such agent or person may secure from the ] [Inserted by Act 46 of 1964, Section 21 (w.e.f. 1.4.1965). ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).] [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.
