Case Law Details
Case Name : Shri Thomas George Muthoot Vs CIT (Kerala High Court at Earankulam)
Related Assessment Year :
Courts :
All High Courts Kerala High Court
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TDS is to be deducted on both amount paid as well as payable Section 40(a)(ia)
Brief of the case
In the case of Shri Thomas George Muthoot vs The Commissioner of Income Tax High court has held that TDS if to be deducted by individual who required to get his accounts audited. A statutory provision, unless otherwise expressly stated to be retrospective or by intendment shown to be retrospective, is always prospective in operation and the language of the Section 40(a)(ia) does not warrant an interpretation that it is attracted only if the interest remains payable on the last day of the financial ...
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Kindly correct date of Judgment, further also refer recent Delhi HC ruling reported in [TS-495-HC-2015(DEL)]Hon`ble HC upholds ITAT order deleting Sec 40(a)(ia) disallowance for non-deduction of TDS for AYs 2008-09 and 2009-10 applying second proviso to Sec 40(a)(ia); Rules that second proviso inserted vide Finance Act, 2012 which provides that Sec 40(a)(ia) will not be attracted where payee has deposited tax is retrospective in nature