- In section 192 of the Income-tax Act, after sub-section (1B), the following sub-section shall be inserted, namely:-"(1C) For the purposes of deducting or paying tax under sub-section (1) or sub-section (1A), as the case may be, a person, being an eligible start-up referred to in section 80-IAC, responsible for paying any income to the assessee being perquisite of the nature specified in clause (vi) of sub-section (2) of section 17 in any previous year relevant to the assessment year, beginning on or after the 1st day of April, 2021, shall deduct or pay, as the case may be, tax on such income within fourteen days -(i)after the expiry of forty-eight months from the end of the relevant assessment year; or(ii)from the date of the sale of such specified security or sweat equity share by the assessee; or(iii)from the date of the assessee ceasing to be the employee of the person,whichever is the earliest, on the basis of rates in force for the financial year in which the said specified security or sweat equity share is allotted or transferred.".
