Section 290 of ITA, 1961 : Section 290: Indemnity
ITA, 1961
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Explanation using Example
Imagine a company, XYZ Corp, that employs several individuals. As per the Income-tax Act, XYZ Corp is required to deduct tax at source (TDS) on the salaries paid to their employees. This means that before disbursing the salary to the employees, XYZ Corp must deduct a certain amount as income tax and pay it to the government ...
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