No assessee-in-default for non-deduction of tax during period where payment was below threshold limit: HC

INCOME TAX : Where liability for deducting tax at source for payments made to individual contractors above monetary limits arose only with effect from 1-6-2007, assessee should not be held liable for failure to deduct tax at source on payment of freight and carriage charges for previous year 2006-07, (i.e., 1-4-2006 to 31-3-2007), and disallowance made under section 40(a)(ia) for non-payment of TDS on said payment under section 194C was to be deletedINCOME TAX : Where liability for deducting tax at source for payments made to individual contractors above monetary limits arose only with effect from 1-6-2007, assessee should not be held liable for failure to deduct tax at source on payment of freight and carriage charges for previous year 2006-07, (i.e., 1-4-2006 to 31-3-2007), and disallowance made under section 40(a)(ia) for non-payment of TDS on said payment under section 194C was to be deletedwww.taxmann.com Latest Case LawsRead More

Leave a Reply