TMI BlogAmendment of section 40X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. ; (b) in sub-clause (ia), (I) for the portion beginning with the words any interest, commission or brokerage and ending with the words and brackets for carrying out any work (including supply of labour for carrying out any work) , the words thirty per cent. of any sum payable to a resident shall be substituted; (II) in the first proviso, after the words, brackets and figures sub-section (1) of section 139, , the words thirty per cent. of shall be ins ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been deducted in the previous year but paid in any subsequent year after the expiry of the time prescribed under sub-section (1) of section 200, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. It is proposed to substitute the said proviso so as to provide that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. The existing provisions contained in sub-clause (ia) of clause (a) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s also proposed to amend first proviso of sub-clause (ia) of clause (a) of aforesaid section to provide that where in respect of any such sum, tax has been deducted in any subsequent year, or has been deducted during the previous year but paid after the due date specified in sub-section (1) of section 139, thirty per cent. of such sum shall be allowed as a deduction in computing the income of the previous year in which such tax has been paid. These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X
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