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Saturday, September 25, 1999
Clarification on I-T
EXPRESS NEWS SERVICE
CHANDIGARH, Sept 24: The Commissioner of Income Tax, Ashwini Luthra, today clarified that deduction of surcharge on Income Tax is mandatory on all payments where tax is deducted at source.As per the Finance Act surcharge is levied at the rate of 10 per cent. Luthra said the failure to deduct surcharge on tax at source on all payments such as salary, contract, rent, interest, lottery and other professional payments would attract penal interest, penalty and even prosecution. Surcharge is also payable in addition to income tax payable for the respective year. Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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