- As per the proposed amendment, in case the assessee has not deducted tax at source on any sum
- but the deductee has filed its return of income under Section 139
- and has taken the same into account such sum while computing its income in the return filed
- and has paid tax due on the income declared as per the return of income
- then for the purposes of Section 40(a)(ia) it shall be deemed that the assessee had deducted tax and paid the tax on such income on the date of furnishing of return of income.
- It may be noted that this amendment is only in respect of payment to resident i.e. when the deductee is a resident.
- This amendment to Section 201, not to treat the deductor in default is propose to be effective from 1st July, 2012
- whereas the amendment to Section 40(a)(ia) is proposed with effect from 1st April, 2013 i.e. assessment year 2013-14.
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