Non-Deduction of TDS u/s 192 on Reimbursement of LTC/LFC and HTC: ITAT holds SBI in default u/s 201(1)(1A) of Income Tax Act [Read Order]
The assessee is in default within the meaning of Section 201(1)(1A) of the Act for non-deduction of tax under Section192 of the Income Tax Act on the reimbursement of LTC (Leave Travel Concession) /LFC (Leave Fare Concession) and HTC (Home Travel Concession)
In recent ruling the Delhi bench of the Income Tax Appellate Tribunal ( ITAT) observed that the State Bank of India is in default meaning under Section 201 (1) (1A) of Income Tax Act, 1961 for non-deduction of Tax Deducted at Source ( TDS ) under Section 192 of reimbursement of LTC ( Leave Travel…
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