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Lower deduction of tax under Income Tax Act, 1961

June 26, 2020[2020] 117 328 (Article)
The Income-tax Act, 1961 (the Act) requires certain persons who are paying certain sums viz. dividend, interest, rentals, professional fees, commission, etc. to other persons to deduct tax at source. Such tax deducted at source is claimed as prepaid tax, like advance tax, by the recipient of such amount and thereupon is adjusted from gross tax liability of the recipient.
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