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As per section 201 of the Income Tax Act, 1961 where any person including the principle officer of a company who was responsible for the deduction of tax at source under the provisions of Chapter XVII, commits a default and either; Then such person shall be deemed to be the assessee in default. Being declared as assessee in default exposes the defaulters to many penal consequences. Read more Click Here >> Similar provisions are contained in sub-section (6) of section 206C of the Income tax Act, 1961 related to defaults in collecting or payment of Tax Collected at Source. However both section 201 and 206C contains proviso which provide for relief from being declared as assessee in default on production of a certificate from a chartered accountant in the prescribed format. There are three conditions which are required to be certified by the chartered accountant. The relevant provisos along with three prescribed conditions are as under:
Amount not dedcutible u/s 40(a)(ia) Please Note that if compliance is made in accordance with the provisio of section 201(1) as above, then for the purpose of section 40(a)(ia) also, it is deemed that the assessee has deducted and paid the tax on the date of furnishing or ITR.
Also Read: Defaults and consequences related to Tax Deducted at Source (TDS) under Chapter XVII-B of Income Tax Act, 1961 Click Here >> |