July 2020

Business expenditure Disallowance u/s 40(a)(ia) of ITA, 1961 Amounts not deductible Payments liable to deduction of tax at source Failure to deduct tax at source Law applicable Effect of amendment of section 40(a)(ia) with effect from 1st April, 2013 providing for cases where recipient has declared income in question and paid tax thereon Amendment retrospective Non-deduction of tax at source not causing loss to Revenue Disallowance not applicable; A.Y. 2005-06


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