Deemed credit rule treats amounts credited to suspense accounts as payee credit, attracting TDS under section 194C. The inserted Explanation deems any sum referred to in the provision that is credited to any account in the payer's books, including a 'Suspense account', to be credit of such income to the payee's account, and requires that the withholding provision apply accordingly; bookkeeping entries to interim accounts therefore trigger the payer's deduction obligation.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed credit rule treats amounts credited to suspense accounts as payee credit, attracting TDS under section 194C.
The inserted Explanation deems any sum referred to in the provision that is credited to any account in the payer's books, including a "Suspense account", to be credit of such income to the payee's account, and requires that the withholding provision apply accordingly; bookkeeping entries to interim accounts therefore trigger the payer's deduction obligation.
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