SC: Amount of Income Tax Deductible or Collectible at Source Can be Reduced by Assessee - 21.09.2021

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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