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of <h1>Amendment to Section 40: Aligns Tax Deduction Dates with Section 139(1), Introduces 30% Deduction for Resident Payments.</h1> Section 40 of the Income-tax Act was amended by the Finance (No. 2) Act, 2014, effective April 1, 2015. In clause (a), sub-clause (i), the due date for tax deductions was changed to align with section 139(1). A proviso was added allowing deductions for taxes deducted in subsequent years or paid after the due date. In sub-clause (ia), the amendment replaced specific terms with a provision allowing a 30% deduction of sums payable to residents, and inserted 'thirty per cent.' in the first proviso concerning section 139(1).
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