Section 271C of ITA, 1961 : Section 271C: Penalty For Failure To Deduct Tax At Source
ITA, 1961
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Explanation using Example
Imagine a company, "Tech Innovations Pvt. Ltd.," which hires a freelance developer, Mr. John, for a project. As per the Income-tax Act, the company is required to deduct TDS (Tax Deducted at Source) from the payment made to Mr. John. Suppose the payment to Mr. John for the project is INR 100,000 and the applicable TDS rate is 10%. The company is thus required to de...
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