Deduction under cash withdrawal provision not treated as income received, preserving assessee income computation for tax purposes. The amendment inserts a proviso to section 198 clarifying that sums deducted under the cash-withdrawal withholding provision shall not be deemed to be ... Summary
Deduction under cash withdrawal provision not treated as income received, preserving assessee income computation for tax purposes.
The amendment inserts a proviso to section 198 clarifying that sums deducted under the cash-withdrawal withholding provision shall not be deemed to be income received for the purpose of computing an assessee's taxable income, effective from the first day of September, 2019.
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