Page:United States Statutes at Large Volume 68A.djvu/400

 360

INTERNAL REVENUE CODE OF 1954

Subchapter C—Application of Withholding Provisions Sec. Sec. Sec. Sec. Sec.

1461. 1462. 1463. 1464. 1465.

Return and payment of withheld tax. Withheld tax as credit to recipient of income. Tax paid by recipient of income. Refunds and credits with respect to withheld tax. Definition of withholding agent.

SEC. 1461. RETURN AND PAYMENT OF WITHHELD TAX.

Every person required to deduct and withhold any tax under this chapter shall, on or before March 15 of each year, make return thereof and pay the tax to the officer designated in section 6151. Every such person is hereby made liable for such tax and is hereby indemnified against the claims and demands of any person for the amount of any payments made in accordance with the provisions of this chapter. SEC. 1462. WITHHELD TAX AS CREDIT TO RECIPIENT OF INCOME.

Income on which any tax is required to be withheld at the source under this chapter shall be included in the return of the recipient of such income, but any amount of tax so withheld shall be credited against the amount of income tax as computed in such return. SEC. 1463. TAX PAID BY RECIPIENT OF INCOME. If any tax required under this chapter to be deducted and withheld is paid by the recipient of the income, it shall not be re-collected from the withholding agent; nor in cases in which the tax is so paid shall any penalty be imposed on or collected from the recipient of the income or the withholding agent for failure to return or pay the same, unless such failure was fraudulent and for the purpose of evading payment. SEC. 1464. REFUNDS AND CREDITS WITH RESPECT TO WITHHELD TAX. Where there has been an overpayment of tax under this chapter, any refund or credit made under chapter 65 shall be made to the withholding agent unless the amount of such tax was actually withheld by the withholding agent. SEC. 1465. DEFINITION OF WITHHOLDING AGENT. The term "withholding agent" means any person required to deduct and withhold any tax under this chapter.

§ 1461

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