Surcharge on tax deducted at source applies from enactment; non compliance before public announcement will not attract penalties. A five percent surcharge on income tax was made applicable to specified categories of tax deducted at source from the date the Bill was enacted, increasing required TDS on payments such as interest, lottery and horse race winnings, insurance commission and contractor payments. Where, for payments made after enactment but before public announcement, the surcharge was not added to TDS, the deductor or company will not be treated as an assessee in default for interest or penalty purposes, and prosecution will not be initiated.
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.
Surcharge on tax deducted at source applies from enactment; non compliance before public announcement will not attract penalties.
A five percent surcharge on income tax was made applicable to specified categories of tax deducted at source from the date the Bill was enacted, increasing required TDS on payments such as interest, lottery and horse race winnings, insurance commission and contractor payments. Where, for payments made after enactment but before public announcement, the surcharge was not added to TDS, the deductor or company will not be treated as an assessee in default for interest or penalty purposes, and prosecution will not be initiated.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
