SC: Amount of Income Tax Deductible or Collectible at Source Can be Reduced by Assessee - (21 Sep 2021)

DIRECT TAXATION

Supreme Court has held that the amount of income tax which is deductible or collectible at source can be reduced by the assessee while calculating advance tax before 2012-2013 Financial Year. Therefore, the assessee cannot be held liable for interest under Section 234B of Income Tax Act, 1961 for short-fall of advance tax which arises due to reducing the income tax deductible or collectible at source from the advance tax.

Tags : SUPREME COURT   INCOME TAX DEDUCTIBLE OR COLLECTIBLE AT SOURCE  

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