Failure to collect tax at source now attracts interest payable as directed by the assessing officer under amended collection provisions. The Bill inserts a proviso providing that where the Assessing Officer issues an order for a default in collection or deposit of tax at source, the person ... Summary
Failure to collect tax at source now attracts interest payable as directed by the assessing officer under amended collection provisions.
The Bill inserts a proviso providing that where the Assessing Officer issues an order for a default in collection or deposit of tax at source, the person liable must pay interest in accordance with that order, thereby tying interest liability and its recovery to the Assessing Officer's direction.
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