Withholding rate change under section 115S reduces the prescribed tax rate for specified payments to a lower rate. The Finance Act, 2001 amends Section 115S of the Income-tax Act by substituting the words previously used for the statutory rate with the words 'one and one-fourth per cent,' and makes that substitution effective from the 1st day of June, 2001, thereby changing the prescribed rate expressed in the section.
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Provisions expressly mentioned in the judgment/order text.
Withholding rate change under section 115S reduces the prescribed tax rate for specified payments to a lower rate.
The Finance Act, 2001 amends Section 115S of the Income-tax Act by substituting the words previously used for the statutory rate with the words "one and one-fourth per cent," and makes that substitution effective from the 1st day of June, 2001, thereby changing the prescribed rate expressed in the section.
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