Any amount collected in accordance with the provisions of this section and paid under Section 206(3) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected on the production of the certificate furnished under Section 206(5) in the assessment made under this Act for the assessment year for which such income is assessable.

However in case where any amount is collected in accordance with the provisions of this section on or after the 1st April and paid under Section 206(3) to the credit of the Central Government, the amount of tax collected and specified in the statement referred to in the Section 206(5) shall be deemed as payment of tax on behalf of the person from whom the amount has been collected and credit shall be given to him for the amount so collected in the assessment made under this Act for the assessment year for which such income is assessable without the production of certificate.