Direct tax-payment liability applies where withholding is absent or fails, with deferred taxation available for eligible start-up employee equity. Section 391 requires an assessee to pay income tax directly where no withholding provision applies or where tax required to be deducted has not actually ... Summary
Direct tax-payment liability applies where withholding is absent or fails, with deferred taxation available for eligible start-up employee equity.
Section 391 requires an assessee to pay income tax directly where no withholding provision applies or where tax required to be deducted has not actually been deducted. Employees receiving specified securities or sweat equity shares from an eligible start-up pay tax on the specified employment-related income in accordance with section 289(3). A deductor or specified employer who fails to deduct, deposit, or pay tax, where the assessee also fails to pay directly, is deemed an assessee in default and faces consequential interest, penalty and prosecution provisions.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 1
Join Channel
TaxTMI 
