Amendment of section 40

Section 14 of the Finance Act, 2014 deals with amendment of section 40. Amendment of section 40. 14. In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2015,— (a) | in sub-clause (i),— (i) | for the portion beginning with the words "during the previous year" and ending with the words, brackets and figures "sub-section (1) of secti

Amendment of section 40.

14. In section 40 of the Income-tax Act, in clause (a), with effect from the 1st day of April, 2015,—

(a)

in sub-clause (i),—

(i)		for the portion beginning with the words "during the previous year" and ending with the words, brackets and figures "sub-section (1) of section 200", the words, brackets and figures "on or before the due date specified in sub-section (1) of section 139" shall be substituted;
(ii)		for the proviso, the following proviso shall be substituted, namely:—
		"Provided 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.";

(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 inserted.

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Section 14, The Finance Act, 2014 (Act 25 of 2014).