154. Provisions of Chapter XVI to apply in relation to the deduction under this Chapter of income tax from specified fees

The provisions of Chapter XVI relating to the deduction of income tax from interest paid by banks and financial institutions, credit for income tax so deducted, issue of directions, duties of banks and financial institutions, default in the deduction of income tax, issue of assessments on banks and financial institutions, appeals and penalty for default shall, mutatis mutandis, apply to the deduction of income tax from specified fees by specified person, credit for income tax so deducted, issue of directions, duties of specified persons, default in the deduction of income tax, issue of assessments on specified persons, appeals and penalty for default under this Chapter, as if there were substituted in

Chapter XVI for the words “banks and financial institutions”, of the words “specified persons” and for the word “interest”, of the words “specified fee”, wherever they appear in that

Chapter, subject however to the modification, that credit for income tax deducted under the provisions of this Chapter by any specified person from any specified fee paid to any partnership shall, unless the partners of such partnership by mutual agreement determine otherwise, be distributed among such partners in the ratio in which such partners share the profits or losses of such partnership.