AMENDMENT TO SECTION 40(A)(IA), READ WITH SECTION 139
- The Karnataka High Court has amended Section 40(a)(ia) relating to Interest, etc., paid to resident without deduction of tax at source by ruling that dis allowance cannot be made in case where the tax is deducted during last month of previous year and deposited within due date specified in section 139(1).
- The Rajkot ITAT bench has held that where assessee had deducted tax at source on payment made by him in conformity with Chapter XVII-B and deposited same on or before due date as per in section 139(1), dis allowance u/s 40(a)(ia) could not be made.
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