The essence of a taxing statute lies in its effective implementation. Normally, certain provisions are built in a taxing statute to ensure its stricter compliance by the assessees. Besides the charging provisions, a tax statute also contains provisions for collection and recovery of tax. In the Income Tax Act, 1961 the provisions relating to Tax Deduction at Source (TDS) are presently the most significant as a substantial part of tax revenue is collected through TDS.The essence of a taxing statute lies in its effective implementation. Normally, certain provisions are built in a taxing statute to ensure its stricter compliance by the assessees. Besides the charging provisions, a tax statute also contains provisions for collection and recovery of tax. In the Income Tax Act, 1961 the provisions relating to Tax Deduction at Source (TDS) are presently the most significant as a substantial part of tax revenue is collected through TDS.taxmann.com Latest ArticlesRead More
TDS Default Entails Disallowance of Payment u/s 40(a)(ia) by Default
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- Post published:August 21, 2020
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