Tds on mact
vishal shah
(Querist) 19 January 2014
This query is : Resolved
WE HAVE DEDUCTED TDS ON MACT INTEREST PAID OF RS 200000/-. PARTY HAS FILL SUIT BEFORE MACT TRIBUNAL COURT FOR WRONG DEDUCTION OF TDS AND GIVE CHEQUE FOR WRONG DEDUCTION OF TDS.
CAN MACT COURT GIVE DIRECTION TO ME FOR NON DEDUCTION OF TDS AND GIVE FULL AMOUNT?
CAN MACT COURT HAS POWER TO DECIDE WHETHER TDS IS DEDUCTIBLE OR NOT?
Rajendra K Goyal
(Expert) 20 January 2014
Under section .194A(3) of IT Act the Insurance company is liable to deduct tax as provided in the Income Tax Act, and no MACT is empowered to order against the express provision in the Act.
Refer the link:
http://www.lawyersclubindia.com/forum/TDS-on-MACT-compensation-13468.asp#.Ut0o3rThWsw
T. Kalaiselvan, Advocate
(Expert) 21 January 2014
I agree with expert Mr. Rajendra K goyal on the subject issue which reads as follows:
Any person, not being an individual or a Hindu undivided family, who is responsible for paying to a resident any income by way of interest other than income by way of interest on securities, shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.
