Definition of "rates in force" clarifies applicable deduction rates for withholding tax obligations under income tax provisions. The amendment removes the phrase "and super tax" from the withholding provision and inserts an Explanation defining "rates in force" as the rate or rates ... Summary
Definition of "rates in force" clarifies applicable deduction rates for withholding tax obligations under income tax provisions.
The amendment removes the phrase "and super tax" from the withholding provision and inserts an Explanation defining "rates in force" as the rate or rates specified for the purpose of deduction by the Finance Act of the year in which the deduction is required to be made, applying that definition to the provision and the related withholding provisions in sections 194, 195 and 197.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.