Amendment of section 201
Section 42 of the Finance Act, 2010 deals with amendment of section 201. Amendment of section 201. 42. In section 201 of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of July, 2010, namely:— "(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company
Amendment of section 201.
42. In section 201 of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of July, 2010, namely:—
"(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company as is referred to in that sub-section does not deduct the whole or any part of the tax or after deducting fails to pay the tax as required by or under this Act, he or it shall be liable to pay simple interest,—
(i ) at one per cent for every month or part of a month on the amount of such tax from the date on which such tax was deductible to the date on which such tax is deducted; and
(ii ) at one and one-half per cent for every month or part of a month on the amount of such tax from the date on which such tax was deducted to the date on which such tax is actually paid,
and such interest shall be paid before furnishing the statement in accordance with the provisions of sub-section (3) of section 200.".
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Section 42, The Finance Act, 2010.
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Questions about Section 42
What does Section 42 of the Finance Act deal with?
Section 42 of the Finance Act is headed "Amendment of section 201". Amendment of section 201. 42. In section 201 of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of July, 2010, namely:— "(1A) Without prejudice to the provisions of sub-section (1), if any such person, principal officer or company
How do I find court cases under Section 42 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2010 42, section 42 Finance Act 2010, section 42 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 42 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 201 (Consequences of failure to deduct or pay), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2010. India Code records no commencement date for it. It is in force as at the date shown on this page.
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