Amendment of section 200A
59. In section 200A of the Income-tax Act, in sub-section (1), after the words “where a statement of tax deduction at source”, the words “or a correction statement” shall be inserted with effect from the 1st day of October, 2014.
Notes on Clauses:
Clause 59 of the Bill seeks to amend section 200A of the Income-tax Act relating to processing of statements of tax deducted at source.
The existing provisions contained in sub-section (1) of the aforesaid section provide that where a statement of tax deduction at source has been made by a person deducting any sum under section 200, such statement shall be processed in the manner provided in the said sub-section.
It is proposed to amend sub-section (1) of the aforesaid section so as to include the correction statement in addition to the statement of tax deduction at source.
This amendment will take effect from 1st October, 2014.