Amendment Limits Disallowance of Expenditure to 30% for Non-Deduction or Non-Payment of Tax u/s 40(a)(ia.

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Full Text of the Document

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....After its amendment brought in by Finance (No. 2) Act, 2014 given a specific relief to the assessee that in case of non-deduction of tax at source or non payment of tax though was deducted on payments made to residents as specified in Sec. 40(a)(ia) of the Act, the disallowance shall be restricted to 30% of the expenditure so claimed by the assessee.....