INCOME TAX : Prior to the financial year 2012-13, the amount of income-tax which is deductible or collectible at source can be reduced by the assessee while calculating advance tax, the Respondent cannot be held to have defaulted in payment of its advance tax liability. However, position has changed since the financial year 2012-13, in view of the proviso to Section 209(1)(d), pursuant to which if the assessee receives any amount, including the tax deductible at source on such amount,INCOME TAX : Prior to the financial year 2012-13, the amount of income-tax which is deductible or collectible at source can be reduced by the assessee while calculating advance tax, the Respondent cannot be held to have defaulted in payment of its advance tax liability. However, position has changed since the financial year 2012-13, in view of the proviso to Section 209(1)(d), pursuant to which if the assessee receives any amount, including the tax deductible at source on such amount,www.taxmann.com Latest Case LawsRead More
