Tuesday, 25 August 2015

TDS default doesn't invite sec. 40(a)(ia) disallowance if total income of deductor is exempt

IT : Where assessee's total income is exempt under section 10(26), for assessee's lapse of not complying with his tax withholding obligations, there cannot be any occasion to invoke section 40(a)(ia) to treat relevant amount disallowable as an income of assessee on standalone basis

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