Surcharge increase raises withholding, collection and advance-tax obligations for domestic companies and accelerates payment deadline for enhanced surcharge. The Ordinance increases the surcharge for domestic companies applied to tax deducted at source under section 194C, tax collected under section 206C, advance tax under section 115B, deductions under Part II of the First Schedule (including specified interest and winnings), and interest-tax/advance tax under Part III of the First Schedule, thereby increasing withholding, collection and advance-tax obligations; the enhanced surcharge for the September advance-tax instalment must be paid before the specified November deadline and non-compliance attracts default provisions of the Income-tax Act.
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Surcharge increase raises withholding, collection and advance-tax obligations for domestic companies and accelerates payment deadline for enhanced surcharge.
The Ordinance increases the surcharge for domestic companies applied to tax deducted at source under section 194C, tax collected under section 206C, advance tax under section 115B, deductions under Part II of the First Schedule (including specified interest and winnings), and interest-tax/advance tax under Part III of the First Schedule, thereby increasing withholding, collection and advance-tax obligations; the enhanced surcharge for the September advance-tax instalment must be paid before the specified November deadline and non-compliance attracts default provisions of the Income-tax Act.
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